Biden tells oil refiners: Produce more gas, fewer profits

The Associated Press ^ | June 15, 2022 | By JOSH BOAK (D-AP)

[LouAvul]

This is what happens when a retard is king. It all flows down hill and I wish it was only liberals who have to choke on it. Not so. Decent folks are suffering, too.

[bert]

To progressives, profits are an obscenity. To Biden, profits belong to LABOR

By making the statement about profits Biden illustrated he is in fact an American enemy

[Erik Latranyi]

Australia is nationalizing their energy industry.

It is taking the Venezuela route.

[Erik Latranyi]

Government fuel taxes in 2022: About $70 billion

[Lockbox]

Chevron CEO Mike Wirth does not expect another oil refinery to be built in the United States ever again, due to federal government policies. The last significant refinery built in the United States was in 1976. (A small refinery came online in 2020 in North Dakota). Over the last two years, due to reduced demand from the pandemic and Presidnt Biden’s stated policy to reduce the demand for petroleum products, U.S. refineries have been shut down or repurposed to become biofuel refineries. In a business where investments have a payout period of a decade or more, it is unlikely for investment to be spent on policies where the demand is to be reduced. Wirth stated rhetorically, “How do you go to your board, how do you go to your shareholders and say ‘we’re going to spend billions of dollars on new capacity in a market that is, you know, the policy is taking you in the other direction.”

https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/will-any-new-refineries-be-built-in-the-united-states/

My plan as President, any investment I find necessary will be fully written off in one year from the start of the project. Once it’s build try and kill it Libs because it was paid for already.

[reintarnation]

Wow. We’ve moved far beyond Jimmy Carter levels of incompetency to complete lunacy.

[alloysteel]

If we are at war, then let us get on a wartime mobilization basis. Cut all the red tape, remove the strangling regulations, open up the reserves for explorations, and provide incentives for the extraction, transportation, refining and distribution of the petroleum, and make sure the natural gas is available in plentiful quantity. Modern civilizations require huge amounts of relatively cheap and AVAILABLE energy, wind and solar just ain’t gonna cut it.

In the Second World War, gasoline was being produced for the military in huge quantity, so much so that huge amounts were just WASTED. The reason for gas rationing for the civilian population was not because of scarcity of gasoline, but scarcity of rubber to replace tires as they wore out. The natural rubber supply, which came from Indo-China, was cut off because the Imperial Japanese military prevented any trade from moving through the Strait of Malaysia.

[dearolddad]

Wouldn't this be a good time for the major oil companies to publish the net profit for each gallon of gas sold and let the public know how obscene their profit margin is?

[Paladin2]

The Biden Crime Family doesn’t have enough money to build a refinery for Delaware?

[reintarnation]

I’m surprised that I haven’t seen the petroleum industry fight back on this green revolution. Do they have skin in the “renewables” game?

[lightman]

More bricks, less straw-—worked real well for Pharoah.

/s

[NorthMountain]

We’ve always been at war with Eastasia ...

[BipolarBob]

Wouldn't this be a good time for the major oil companies to publish the net profit for each gallon of gas sold and let the public know how obscene their profit margin is?

Along side the state and federal tax on each gallon for perspective.

[Gnome1949]

Wait a minute. Biden WANTS Americans to be unable to buy fossil fuels. He WANTS high prices at the pump. He talks about the “glorious change” we are undergoing with fossil fuels being made scarce.

As usual, the criminal Joe Biden is angry when others are getting rich but the “big guy” doesn’t get his 10% of the action.

[Old Coach1]

What a lying jerk.

[Lazamataz]

Biden CAUSES this, then is angry at other people not SOLVING it.

[Rlsau1]

“Also, fake president also noted this is a time of war. We’re at war?”

Individuals are always at war with government to one degree or another. Individuals want freedom, government wants total control. It doesn’t really matter what form government takes, it always seeks to control everything in its realm for its own benefit.

[Cletus.D.Yokel]

There are currently refineries that are either partly or fully taken offline so as not to violate Clean Air Act rules.

They are still capable of refining crude into useable product but need to be repaired/modified to meet regulatory requirements.

[cuban leaf]

Oil is a traded commodity. It’s like telling gold miners to take less profits. The market sets the price, and then producers sell at that price.

[bert]

Present refineries have been expanded and made more productive and in the process producing at costs that made other now gone refineries non competative.