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.
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