Biden implores US oil companies to pass on record profits to consumers

[ck4829]

Joe Biden has called on oil companies to pass on their massive profits to consumers as he announced the release of 15m barrels of oil from the US strategic petroleum reserve.

“Gas prices have fallen every day in the last week,” said Biden. “That’s progress, but they’re not falling fast enough. Gas prices are felt in almost every family in this country. That’s why I’ve been doing everything in my power to reduce gas prices.”

He called on US oil companies to help. In the second quarter of 2022, the six largest US oil companies reported profits of $70bn, said Biden.

“So far, American oil companies are using that windfall to buy back their own stock, passing that money on to shareholders, not consumers,” he said. “My message to all companies is this: you’re sitting on record profits. And we’re giving you more certainty. You can act now to increase oil production. You should not be using your profits to buy back stock or for dividends – not while the war is raging.”

https://www.theguardian.com/us-news/2022/oct/19/biden-gas-prices-oil-production-midterms

Double whammy? Price gouging to get profits and to get politicians and the party they want in power?

[Lovie777]

1. Yes, let the public understand the greed of oil companies .....

and corporation in general.

[Emile]

2. It's time to nationalize the fossil fuel industries!

[moose65]

5. I agree

Right now (as it has been for a lot of years), oil is a necessity of life - the entire economy is built on it. Until we get ourselves weaned off it, it is evil for these companies to profit so much from a necessity. It is really the same thing as health insurance companies that profit off the misery of others.

[Botany]

3. Every single republican member of the House voted last summer against stopping oil companies from ..

.... gouging people @ the pump. "They" want high gas prices so people will be angry with Joe Biden.

[Emile]

4. Chevron we don't give a FUCK about you!

LOL

[Botany]

7. It is gonna be all gas prices all the time up 'till the election. Fuck that! GOTV

https://www.democraticunderground.com/100217268645

BTW please pass along that Chevron video to others on the internet. It speaks the truth.

[Ferrets are Cool]

6. My guess is that will so very little coverage on the networks.

They (the networks) HATE it when a Democratic President says or does something positive.

[ck4829]

9. Correct

[gratuitous]

8. Record oil company profits, you say?

"More than $50 billion in the second quarter alone, you say? Well, that's just capitalism, that's all. The price at the pump is set by the President, as everyone knows. So high gas prices have nothing - nothing, I tell you! - to do with eight-figures quarterly profits."

And now you see why the major media don't touch the story of oil company profits during their nightly reports on high gas prices and inflation. The bright line connection is too bright, too straight and too obvious to be papered over, so it's just ignored.

[Autumn]

10. Might as well ask the moon to turn off it's light.