Democrats Mull Attacks on Oil and Gas Companies

[babylonsister]

https://politicalwire.com/2022/06/11/democrats-mull-attacks-on-oil-and-gas-companies/

Democrats Mull Attacks on Oil and Gas Companies
June 11, 2022 at 7:35 am EDT By Taegan Goddard

Washington Post: “Behind the scenes, several prominent Democrats have been pushing to make attacks on the greed of oil and gas companies a centerpiece of the party’s message, in the hopes of making Democrats the party of fighting inflation by the midterms.”

“They argue that the issue of gas prices needs to be reframed as a choice between Democratic support for proactive measures — like suspending the gas tax or prodding oil companies to drill on existing leases — and Republican opposition to taking action.”

[OnDoutside]

1. A bigger question to ask is how many big oil companies back

Democrats over Republicans ?

If the truth is very few, then make them the boogie man and go after them as being anti American.

[Beachnutt]

2. Looks like thats all they can do..

I wish they could do more but it looks like thats it with big oil in bed with rethugs..

[Stuart G]

3. Isn't the Price of Gas determined by supply and demand? ..Is it true more people are driving now?

People want to go on trips this summer don't they?
Is the supply of gas short ....For what reasons?

[crazylikafox]

5. Yes. Gas companies are restricting supply.

[MichMan]

12. Are there gas stations around you that are closed due to having no gas?

I haven't seen any of that around here.

[crazylikafox]

13. Not that I've noticed

But a lower supply will allow them to raise prices without necessarily being low enough to cause local shortages

[Mister Ed]

6. I've heard of no shortage.

Another way the price can go up is by the oil companies agreeing with each other that they'll set the price high, and not compete with each other on price.

While that may be illegal, they can skirt the law by by making the agreement informal - something that's understood between them without any discussion or communication. That's what I suspect has happened.

[TigressDem]

4. Lets not call it an "attack" rather a DEMAND that they quit padding their profits and be reasonable

IF the oil companies raked in record profits in order to "Buy Out" of Russian Oil...

THEN the price of gas should soon go down. Because the oil companies made a TON of money this year.
(IF they didn't use these profits to get away from Russian Oil, then they need to do that first.)


THE PRICE OF EVERYTHING goes up when gas prices and diesel especially go up because of how much we depend on trucking industry to get supplies where they need to be.

Getting those prices back in line or taxing windfall profits to get the oil companies to self regulate, should help.

HOUSE has done their part. H.R.7688 - Consumer Fuel Price Gouging Prevention Act


https://www.usatoday.com/story/money/economy/2022/05/07/oil-company-record-profits-2022/9686761002/

BP paid off their stake in Russian Oil

BP PLC also said its net loss in the first quarter totaled $23 billion, after accounting for a write-off of its nearly 20% stake in Russian oil producer Rosneft in response to the Ukraine war.

Exxon took a significant hit by abandoning Russian operations due to the war, writing down $3.4 billion of their $5.48 billion in profits during the first quarter of 2022

Chevron reports $6.26 billion profit, over four times its earnings of $1.4 billion in the first quarter of last year. Revenue for the San Ramon, California-based energy producer surged 41%, to $54.37 billion.

Sinopec totals $3.45 billion net profit under Chinese accounting standards for the first quarter of 2022, compared to 17.93 billion yuan ($2.69 billion) last year, a 25% surge in net income.

Phillips 66 reported first-quarter earnings of $582 million, with adjusted earnings of $595 million.

In 2021, Phillips 66 reported a first-quarter loss of $654 million, with an adjusted loss of $509 million.

[jalan48]

7. We have to be careful when we attack the rulers of the country.

[themaguffin]

8. They have to. Calling this is inflation is crap when oil companies are profiting by BILLIONs more

...year over year.

They have to come in hard.

[Raven]

9. Take them over? It's a national emergency. Can we do that?

[Raven123]

10. Frame it with a plan that will help. Prodding gas companies to drill won't help fast enough

Better get their arms around the reason for gas prices and have and make a plan.

[MichMan]

11. Need to show that their profit as a percentage of sales is way out of line with other major corps

The last time I looked, they were earning about 22% of overall revenues in profit margins. Raw numbers are meaningless.

I get people's anger, but how does that compare with other companies and industries?

I think Apple last year had profits of 46% for example.

[BannonsLiver]

14. I've been through a few of these spikes

Can’t think of a single one where Americans blamed the oil companies. It’s always politicians who pay the price. That’s how it will be with this one as well, no doubt.

[blogslug]

15. Did oil and gas companies write that headline?

Pointing out the greed of those corporations is not an "attack".

[Hassler]

16. Quit mulling and get busy. Name the villains who are responsible.

Repeatedly. Catapult the propaganda as Dim Son put it.