Once Imploding Oil Cos Reap Record Profits

Oil giants report record profits on hi energy prices so industry’s in better shape AFTER Biden’s War on Fossil Fuels as new costs are passed on to consumers? It’s an iron law of capitalism as new govt regs & taxes imposed.

But, tell that to Joe who still can’t seem to grasp that Russia’s Putin’s richer after US sanctions to drive him from office were met with the Russkie tampering with his natural gas supplies to the EU, thereby driving up prices … and Russian profits … more than ever. Still, the latest profits reports by Exxon, Shell and Chevron are certainly going to fuel more political postering, the WSJ suggests, “as high fuel prices have emerged as a liability for President Biden and Democrats in Congress ahead of midterm elections in November … In June, Mr. Biden was asked if he would go after Exxon’s profits. ‘We’re going to make sure everybody knows Exxon’s profits,’ he said. ‘Exxon made more money than God this year.’”

Trouble with Mr. Biden’s meaningless wise-crack is that just a year earlier, the industry was reeling, “hemorrhaging cash,” and making less money than Freddie The Freeloader. In fact, the WSJ noted: “Scores of companies filed for bankruptcy following the world-wide outbreak of Covid-19 in 2020. Exxon and Chevron posted historic losses that year and Exxon got booted from the Dow Jones Industrial Average, while energy sunk to less than 2.5% of the S&P.” And, the industry hasn’t forgotten … or, how to pass Joe’s new costs, real or threatened, on to consumers … even if old Joe has.

Davd Soul