Record Profits = Higher Gas Prices (Not Inflation!)
Big Oil groups regain swagger with largest profits in years
“Investors return to ExxonMobil and Chevron as they funnel proceeds to buybacks and dividends”
We have NEVER been Energy Independent (Zero imports of oil)
Oil and petroleum products explained Oil imports and exports
When Project2025, FoxNews or the GOP tells you that Biden has a War on Oil – They are HUGELY Lying!
August 7, 2024:
US oil production just hit a record high
I am annotating Project2025 Playbook:
Some of my annotations:
United States produces more crude oil than any country, ever
“United States produces more crude oil than any country, ever”
“The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.
The crude oil production record in the United States in 2023 is unlikely to be broken in any other country in the near term because no other country has reached production capacity of 13.0 million b/d. Saudi Arabia’s state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0 million b/d by 2027.”
U.S. Shatters Oil Production Records in 2023
“Alongside oil, the U.S. is also on track to set a new production record for natural gas this year.
The U.S. produced over 4.49 billion barrels of crude oil in 2019, and this record has been exceeded in 2023.
The Energy Information Administration’s data indicates that the U.S. achieved this milestone around December 15, with a conservative estimate of 13.0 million barrels per day.”
Alongside oil, the U.S. is also on track to set a new production record for natural gas this year.”
Ask Fox News !
Biden approves largest oil, gas lease sale in US history, steamrolls eco review with inflation bill
“The Inflation Reduction Act reinstates Lease Sale 257, an oil and gas sale spanning 80.8 million acres across the Gulf of Mexico”
There IS NO BIDEN WAR ON OIL AND GAS! THERE IS NO EV MANDATE! All LIES!
Biden granted more oil and gas drilling permits than Trump in his first 2 years in office
Please stop listening to lies! Learn what the facts are – Try GOOGLE!
4 oil companies had total sales of $1 trillion last year
“The record profits come after a year of skyrocketing gas prices. After slumping hard in 2020, global consumption of oil and gasoline bounced back far slower than production, putting pressure on gas prices. Russia’s invasion of Ukraine a year ago further shrank the world’s oil supplies, bringing the average price of gas in the U.S. above $5 a gallon in the spring and summer.”
“Shell on Thursday reported a nearly $40 billion profit for last year. That’s more than double the prior year’s results and the most money Shell has ever made in its 115 years of existence. Chevron, the second-largest oil company in the U.S., posted record earnings of $36.5 billion last year, while refiner ConocoPhillips doubled its profits to $18.7 billion, the highest in the 10 years since it spun off its refining business.”
“Exxon, the largest U.S. oil producer, this week reported an epic $55 billion in profits for 2022. The oil giant’s bottom line “clearly benefited from a favorable market,” CEO Darren Woods told investors. He also touted Exxon’s investments before and during the pandemic, which allowed it to increase production as demand was ramping up.”
“”Windfall” profits”
“The White House and environmentalists have condemned oil companies’ ballooning profits. The White House has criticized fossil-fuel companies for not increasing production to help bring down gas prices, and last year floated a tax on oil and gas profits.
A White House spokesperson called Exxon’s record profit “outrageous” in a statement to the BBC. The spokesperson, Abdullah Hasan, also blasted Chevron’s announcement that it would spend $75 billion on buying back stock from investors.
“Companies clearly have everything they need — record profits and thousands of approved permits — to increase production. The only thing getting in the way is their own decision to keep plowing windfall profits into the pockets of executives,” Hasan tweeted.”
Biden and the Democrats wrote a bill to address Oil Price Gouging
It passed the House – https://www.congress.gov/bill/117th-congress/house-bill/7688
U.S. House passes bill to fight oil and gas price gouging
It was filibustered in the Senate – Dems could not get enough GOP Senators to break the 60 threshold to override the filibuster.
https://www.govtrack.us/congress/bills/117/s3920
I wonder why…
Oil & Gas Summary
“Led by the oil and gas industry, this sector regularly pumps the vast majority of its campaign contributions into Republican coffers. Even as other traditionally GOP-inclined industries have shifted somewhat to the left, this sector has remained rock-solid red.”
