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2022-06-16 Home Front: Politix

Biden bullies oil companies over 'well above normal' profits

President Joe Biden

...... 46th president of the U.S. You're a lyin' dog-faced pony soldier. Of course Corn Pop is a real person.......
once again accused oil companies of not doing enough to offset soaring gas prices on Wednesday, telling the seven major refiners their profit margins were "well above normal," as the White House continued to point fingers for economic problems everywhere but at 1600 Pennsylvania Avenue.

"[A]t a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable," Biden wrote in a letter to Exxon Mobil CEO Darren Woods.

Similar letters were dispatched to the heads of Chevron, Shell, Phillips 66, BP, Marathon and Valero.

"Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis and respect the critical equities of energy workers and fence-line communities," the president added in the Woods letter, before calling on the refiner to detail "any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months — including transportation measures to get refined product to market."

Posted by Fred 2022-06-16 00:00|| || Front Page|| [11136 views ] Top

#1 If you have a product in shortage the price/demand goes up. If you have a product in surplus the price/demand goes down. If you fix prices, you remove any incentive to increase supply.

It's called basic economics.
The government creates shortages.
The government is the blame.
Period.

Posted by Procopius2k 2022-06-16 08:07|| 2022-06-16 08:07|| Front Page Top

#2 So first they say they are at war with big oil, then they are going to end oil in 5 years, then they say their profits are evil, then they say they are going to send the CEO's to prison, and now they say its their patriotic duty to produce more gas. And finally they killed all new leased and stopped drilling in the Dakptas. The Bidon oil policy is schizophrenic..

Posted by 49 Pan 2022-06-16 08:12|| 2022-06-16 08:12|| Front Page Top

#3 Schizophrenics: "That's a slur, we know exactly who we are..."

Posted by M. Murcek 2022-06-16 08:13|| 2022-06-16 08:13|| Front Page Top

#4 Interesting short read about 'Oil Industry Corporate Greed' at Zero.

Posted by Mullah Richard 2022-06-16 08:41|| 2022-06-16 08:41|| Front Page Top

#5 Government's take on a gallon of gas is bigger than the oil companies'. Maybe government should be less greedy?

Posted by Rob Crawford 2022-06-16 09:19|| 2022-06-16 09:19|| Front Page Top

#6 Wasn't thinking oil company when I was getting pumped.

Weren't we supposed to relax, and think of Ukraine?

I'm sure there is a professional word or jargon, but I believe it is basically coasting, where people who have already planned to travel and still have the money to, are going to fulfill their plans...until the money runs out. Like slamming on the brakes on a dirt road.

Posted by swksvolFF 2022-06-16 10:23|| 2022-06-16 10:23|| Front Page Top

#7 Gas lines, anyone?

Posted by Abu Uluque 2022-06-16 13:59|| 2022-06-16 13:59|| Front Page Top

#8 Odd how un-greedy they all were for the last 40 years...until this year.

Posted by Tom 2022-06-16 14:20|| 2022-06-16 14:20|| Front Page Top

#9 Economic pop quiz: Would you rather make 10 real cents per unit on something that cost $10 real dollars per unit to make, or 10 fake cents per unit on something that cost $1000 fake dollars per unit to make?

Posted by M. Murcek 2022-06-16 14:24|| 2022-06-16 14:24|| Front Page Top

#10 If you consider how byzantine Capitol Gains is calculated in the Oil Patch ...who knows how much "profit" the rising price at the pump represents as a percentage...? Biden obviously has No Clue™ (That could be a generic statement on Biden's understanding of anything...).

Posted by magpie 2022-06-16 16:01|| 2022-06-16 16:01|| Front Page Top

#11 They never say Net or Gross, which to me is a tell.

Posted by swksvolFF 2022-06-16 16:57|| 2022-06-16 16:57|| Front Page Top

#12 "Oil Well!"

Posted by Skidmark 2022-06-16 23:44|| 2022-06-16 23:44|| Front Page Top

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