January 31st saw President Biden becoming infuriated at oil companies after they released their 2022 finances. With Exxon listing at $55.7 billion, and Chevron coming in at $35.5 billion, they have been absolutely sticking it to people across the globe, especially right here in the US. According to experts who spoke with the Daily Caller News Foundation (DCNF), Biden has done it to himself.
“We think the White House’s oil policy has been paradoxical and disruptive and has distorted markets in order to lower oil prices for short-term political gain, without accepting that lowering emissions requires higher oil and gas price,” according to energy analyst Paul Sankey, founder of Sankey Research while speaking with the DCNF.
In their statement, the White House accused oil companies of taking advantage of hard-working Americans who are struggling to pay for their gas. As usual, Biden and his staff are under the impression that the problem is not with his policies or the way he and the rest of the left have stacked the deck, but rather with the corporations.
“The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plow those profits into padding the pockets of executives and shareholders while House Republicans manufacture excuse after excuse to shield them from any accountability.”
Legislation like the Inflation Reduction Act put higher royalty rates, regulations, and various fees on all fossil fuel companies. Coupled with a massive drop in employees due to COVID, side effects from the vaccine, and people opting not to come back when called off job sites, it forced companies to increase prices according to The Heritage Foundation.
What Biden fails to understand is basic economics 101. If you make something harder to produce, the final cost goes up. If you make something more expensive to produce, the final cost goes up. The Biden administration did both. Forcing oil companies away from US shores and land made the oil more expensive. His regulations and taxes did nothing to help Americans.
Sure, the “green lobby” is happy because in their eyes it is proving something negative about fossil fuels. All it proved is that Biden doesn’t know how to run a country, nor does he understand the impacts of his actions on the economy. With the added weight of these extra regulations, many investors chose to avoid putting money in with US oil companies, and instead went elsewhere.
In a tweet on Jan 31st, Biden fired off a response to a Reuters piece concerning the record profits from Exxon. “The only thing stopping Big Oil from increasing production is their decision to pay shareholders billions instead of reinvesting profits. Instead of demanding accountability, Republican officials are blaming us. I’m doing my part to lower prices, it’s time Big Oil did theirs.”
Placing the blame squarely where it needs to be placed is not exclusive to the Republicans. Even the independents are admitting that this problem is not one the American people caused. Just one person that the majority of Americans were dim enough to elect to the highest office our great nation has.
Kathleen Sgamma, president of the Western Energy Alliance summed up what Exxon and others have been doing with their money. “When Exxon and other large companies generate profits, it enables them to hire more workers, find and develop more oil, conduct research, and ensure a secure energy supply.” The part that makes all of this work for them is that it not only locks in the levels of oil available, but it’s also cyclic and ensures nearly flawless execution.
Perhaps it’s time to torch the Teslas and bring back the Hummer?
