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Posted on 11/01/2022 12:34:11 PM PDT by ChicagoConservative27
The Biden administration is seizing on huge earnings calls from oil companies as it seeks to give voters a response to relatively high gasoline prices ahead of next week’s midterms.
President Biden has repeatedly sought to place blame on the industry for the high prices, but has ramped up its rhetoric in the wake of massive earnings.
And while analysts say that large parts of the price are set by the global oil market, not by individual companies, the optics of massive profits while Americans struggle with inflation gives the administration something to cling to.
In total, seven of the largest oil and gas companies combined raked in nearly $70 billion in third-quarter profits, according to recent earnings reports.
(Excerpt) Read more at thehill.com ...
When you are dealing with a moron, you have to expect imbecile like behavior. Who would have imagined that destroying American energy independence, and shutting down the Keystone Pipeline; while using political might to prevent energy companies from developing more resourced - and instigating a proxy war with Russia, would create a fuel shortage?
There is nothing that Liberals cannot destroy; and then blame their destruction upon the Republicans.
$70 Billion sound like a lot until you look at how much was invested for that return.
Says the Drooling Spoon who negligently bankrupts what’s left of our country.
I’d rather talk about Big Pharm’s profits from their experimentation on people around the world via mRNA shots.
Brandon is clueless when it comes to business. He never had a real job in his life or owned and operated a LEGAL business. He has no idea what a corporate profit is, who gets it, how dividends are declared and distributed or the taxes being paid.
A few years ago I looked and I was really surprised that oil profits were about 10%. I had an economics professor that said 10% wasn’t enough to make all the work worthwhile.
Banks on the other hand were around 35% profits.
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More RECENT profit margins. Oil is worse than I thought at 8.3%.
In 2021, U.S. energy firms were the 10th most profitable sector of the U.S. economy out of 11, according to S&P Global IQ. Energy firms listed in the S&P 500 stock index posted an 8.3% profit margin in 2021. That was below the median for all 11 sectors, which was 10.6%. Financials led with a 25.3% profit margin. Tech was second at 23.2%. Pharmaceutical firms posted a 23.1% margin. The only segment worse than energy was consumer staples, with a 6.6% margin.
Do the math. Under President Trump we had prosperity, no inflation, and plenty of gasoline and diesel fuel.
Slow Joe Biden came in, and with his team of vandals set out to intentionally destroy our energy industry. It was intentional. The consequences were entirely predictable.
Prosperity is built upon cheap abundant energy supplies. Biden took that away.
How about looking at the Pharmaceutical companies...
My liberal son in law buys the whole bag of BS and thinks Biden is marvelous on Ukraine.
Joe Biden wouldn’t know a P and L from an Ice Cream cone.
The Government makes more profit on a gallon of gasoline than the Oil companies do.
If that's the case it's a fake issue because eventually prices come down and they get stuck selling gas at a low price made from oil they paid a high price for.
This traitor is getting desperate and is completely out of touch in thinking this line of attack will change anyone’s party preference. Cornered rats are dangerous though. We should worry about these demonic people trying a false flag before the election.
We don't call The sHill for nothing.
“Brandon is clueless when it comes to business. He never had a real job in his life or owned and operated a LEGAL business.“
Same goes for most of Congress and the tens of thousands of bureaucrats in DC..
All they want is control; they don’t care about reality, nor what’s good for the country.
I’m not a cpa but aren’t “earnings” and “profits” different?
Just setting the stage for a government takeover of the oil industry.
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