Biden tells oil companies to ‘stop the war profiteers’

Biden tells oil companies to ‘stop the war profiteers’
Biden tells oil companies to ‘stop the war profiteers’

President Joe Biden apparently fed up with monitoring oil companies rake in record profits while consumers pay a lot of money at the pump. He threatened new taxes on windfall profits against the fossil fuel giants, and warned companies to stop profiting from the war in Ukraine, by a monday speech.

“It’s time for these companies to stop profiting from war, take responsibility for this country, and give the American people a break,” Biden said in his statement. passionate remarks.

Gas prices initially doped after Russia invaded Ukraine in February. And although they have since fallen from their June high of over $5 a gallon, the US average stay well above what it was this time last year, according to the Energy Information Administration. Meanwhile, fossil fuel giants like Exxon and Chevron have posted historically high profits.

Last week, ExxonMobil reported a quarterly profit of $19.7 billion– its biggest ever, surpassing the previous record set just three months ago by $1.8 billion. And Chevron posted its second-highest quarterly profit at $11.2 billionjust behind his record $11.6 billion earned between April and June 2022. The national average cost of a gallon of regular gasoline is $0.35 more than in November 2021.

“The oil companies’ record profits today are not because they are doing something new or innovative. Their profits are a boon from war – the windfall of the brutal conflict that is ravaging Ukraine and injuring tens of millions around the world,” the president added.

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Instead of lowering prices at the pump, or say, following their multitude of promises to reduce emissionsmany oil companies have redirected their record profits to share buybacks and the dividend increases that reward investors. Folive oil leaders received nearly $100 million into action in the weeks immediately following the start of the conflict in Ukraine.

“Here’s why it matters: If these companies made the average profits they’ve made refining oil for the past 20 years instead of the outrageous profits they make today and passed on the rest to the consumers, the price of gas would go down about another 50 cents,” Biden said.

And it’s clearly also important because, filling their coffers to overflowing, the fossil fuel companies are dooming the entire planet to catastrophic climate change. If the oil giants are so full of funds then why not move some of that money to the absolutely necessary (and accelerating rapidly) transition to renewable energies?

Unfortunately, that wasn’t quite the take-home message that Biden centered. Instead, he called on companies like Exxon, Chevron and Shell to use their excess revenue to “expand production and refining capacity.” Yeah. And it started off so strong. Clarify, the last thing we need from a climate perspective is that these companies spend even more time and money drilling and making oil. Yet even so they are already. U.S. oil production is up 4% from a year ago, according to The New York Times. Lack of fossil fuel supply and infrastructure is less the problem than pure and simple greed.

But, even amid the mixed messages, the president at least called for some degree of corporate accountability. If these fossil fuel producerss fail to adjust to ensure consumer prices reflect the reality of their incomes, Biden threatened “that they’re going to pay a higher tax on their excess profits and face other restrictions.” My team will work with Congress to explore these options for us and others. “Although Congress is not currently in session and any legislation regulating oil companies would likely struggle to pass through Sen. Joe Manchin iron fist on the Senate.

Presidential approval ratings seem to follow with gas prices. Over the past year, people have been happier with Biden when the cost of fuel has dropped and vice versa. It’s no surprise, then, that he is focusing on gasoline and blaming fossil fuel companies as the midterm elections begin. And he is at least half right: oil companies are clearly profiting from the war in Ukraine and global instability. Yet the president cannot have it both ways. If Biden wants to be taken seriously on the climate, he can’t pretend recognize the growing danger in one breath, then demand that the oil companies increase production in the next.

. Biden says to oil companies stop the profiteers war

. Biden tells oil companies stop war profiteers

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