One more time gas prices are not Joe Biden's fault. Shell Oil made $76.5 Billion over the past year
Oil prices (oil is refined to make gasoline) are in part set by oil price futures. President Biden has little
to do with these transactions. Gasoline futures are also traded and these too help set the price of gas
@ the pump.
"Crude oil futures on the New York Mercantile Exchange (NYMEX) are the world's most actively traded futures contract on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark. The NYMEX also offers trading in heating oil futures and gasoline futures."
Oil companies are making a killing right now.
BP annual/quarterly gross profit history and growth rate from 2010 to 2022. Gross profit can be defined as the profit a company makes after deducting the variable costs directly associated with making and selling its products or providing its services.
BP gross profit for the quarter ending March 31, 2022 was $15.932B, a 16.08% increase year-over-year.
BP gross profit for the twelve months ending March 31, 2022 was $46.328B, a 23.3% increase year-over-year.
BP annual gross profit for 2021 was $44.121B, a 56.42% increase from 2020.
BP annual gross profit for 2020 was $28.207B, a 43.11% decline from 2019.
BP annual gross profit for 2019 was $49.582B, a 0.53% increase from 2018.
https://www.macrotrends.net/stocks/charts/BP/bp/gross-profit#:~:text=1%20BP%20gross%20profit%20for%20the%20quarter%20ending,a%2056.42%25%20increase%20from%202020.%20More%20items...%20
Shell annual/quarterly gross profit history and growth rate from 2010 to 2022. Gross profit can be defined as the profit a company makes after deducting the variable costs directly associated with making and selling its products or providing its services.
Shell gross profit for the quarter ending March 31, 2022 was $21.209B, a 20.14% increase year-over-year.
Shell gross profit for the twelve months ending March 31, 2022 was $76.056B, a 63.43% increase year-over-year.
Shell annual gross profit for 2021 was $72.5B, a 79.66% increase from 2020.
Shell annual gross profit for 2020 was $40.354B, a 42.62% decline from 2019.
Shell annual gross profit for 2019 was $70.331B, a 4.76% decline from 2018.
https://www.macrotrends.net/stocks/charts/SHEL/shell/gross-profit#:~:text=Shell%20gross%20profit%20for%20the%20twelve%20months%20ending,2020%20was%20%2440.354B%2C%20a%2042.62%25%20decline%20from%202019.
Republicans and I would dare to say fossil fuel companies want high gas prices in order to hurt Americans
so they will take out their anger on President Biden.
House Democrats pass bill against gas price gouging with no Republican votes
Source: UPI News
May 19 (UPI) -- The U.S. House on Thursday passed a bill to prevent gasoline price gouging bill without a single Republican vote in favor. The vote was 217-207.
The bill sponsored by Rep. Kim Schrier, D-Wash., and Rep. Katie Porter, D-Calif., would make it illegal to sell gas at an excessive price during an energy emergency.
"At a time when people in my district and across the country are feeling the pain of high prices at the gas pump, Congress needs to be doing all we can to bring down costs," Schrier said in a statement.
Schrier said the FTC needs to have the power to investigate and crack down when there's evidence of real gouging.
Read more: https://www.msn.com/en-us/news/other/house-democrats-pass-bill-against-gas-price-gouging-with-no-republican-votes/ar-AAXtYSe
https://www.democraticunderground.com/10142919516
I believe this bill has been killed in the senate by the republicans and most likely Joe Manchin.
= new reply since forum marked as read
Petrodollars bring all manner of people together.
It’s almost weird just how little of its wealth trickles down.
