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Exxon Mobil, Chevron push back on Biden blaming industry for oil prices

By HatetheSwamp
June 16, 2022 12:40 pm
Category: President

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"We understand the significant concerns around higher fuel prices currently faced by consumers around the country, and the world. We share these concerns, and expect the Administration’s approach to energy policy will start to better reflect the importance of addressing them,” Chevron said in a statement targeting Biden.

ExxonMobil offered short- and long-term solutions for high oil prices in response.

The company said emergency measures “such as waivers of Jones Act provisions and some fuel specifications to increase supplies” could be used to address short-term concerns. Long-term policies could include “streamlined regulatory approval and support for infrastructure such as pipelines,” it suggested.

Chevron said that since Biden got into office, the administration has relayed that it will “impose obstacles to our industry delivering energy resources the world needs.”


You asked for this, you "feckless dementia-ridden piece of crap," you got it.

No, WE got it!

Doddering old fart!


Cited and related links:

  1. thehill.com

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Comments on "Exxon Mobil, Chevron push back on Biden blaming industry for oil prices":

  1. by islander on June 16, 2022 1:43 pm

    Hate-

    You do know, I hope;
    


    “U.S. production of crude oil during Biden’s first year was actually higher than it was in Trump’s first year. To encourage production, Biden’s officials have issued more permits on federal lands than were issued in the Trump administration’s first three years, at a pace that approaches that of George W. Bush’s administration. Only 10% of all U.S. drilling takes place on federal land, but the Bureau of Land Management confirms that more than 9000 drilling permits on public land are currently approved. Not all would be productive if they were developed, and none of them could start producing immediately, but this undercuts the argument that gas prices are high because the Biden administration has choked off permits.

    What appears to be driving U.S. gas prices is the pressure investors are putting on oil companies, whose officers answer to their investors. Limited production creates higher prices that are driving record profits. In a March 2022 survey of 141 U.S. oil producers asking them why they were holding back production, 59% said they were under investor pressure. Only 6% blamed “government regulations” for their lack of increased production. “ *

    And:


    “Oil companies are seeing huge profits and are using the money for stock buybacks to raise stock prices. BP, Shell, ExxonMobil, Chevron, TotalEnergies, Eni, and Equinor will give between $38 and $41 billion to shareholders through buyback programs this year. As EOG Resources wrote to its shareholders: “2021 was a record-setting year for EOG. We earned record net income of $4.7 billion, generated a record $5.5 billion of free cash flow, which funded record cash return of $2.7 billion to shareholders. We doubled our regular dividend rate and paid two special dividends, paying out about 30% of cash from operations…. This period of high oil prices allows us to further bolster the balance sheet. To support our renewed $5 billion buyback authorization and prepare to take advantage of other countercyclical opportunities, we plan to build and carry a higher cash balance going forward….” **

    *H.C.R.
    ** NPR


  2. by HatetheSwamp on June 16, 2022 3:12 pm

    “U.S. production of crude oil during Biden’s first year was actually higher than it was in Trump’s first year.

    C'mon man, gimme a break! Have some integrity. What you're talking about is crude oil production being higher than it was at the end of eight years Barack (the One) Obama.

    What appears to be driving U.S. gas prices is the pressure investors are putting on oil companies, whose officers answer to their investors. Limited production creates higher prices that are driving record profits.

    So which is it? Oil production is "actually higher?" or have investors put on pressure for "limited production?"

    This is how brainless you Swampcultists have become. Fuel prices are out of control because the guy in the the White House is a brain dead Flatulent Doddering Old Fool!

    Nice try, but it's indefensible.


  3. by Curt_Anderson on June 16, 2022 3:18 pm
    I suppose we could have all been like HtS and voted for the guy who Judge Lutig called today a "clear and present danger". Except the rest of us love and want to preserve American democracy.

    As for gas prices, gas pumps should have mirrors with the caption below them saying "You did this!" The American Automobile Association reports that people are driving more despite the gas prices. People are flying more. Las Vegas and Florida among other tourist destinations report record amount of visitors.

    It's understandable given that most of the world was homebound during the pandemic. But people need to realize that there is a correlation between prices and demand. When demand drops after the vacation season you can count on gasoline prices declining.


  4. by HatetheSwamp on June 16, 2022 3:32 pm

    "You did this." Good one, Curt.

    What amazes me is how laissez-faire President Clouseau is about virtually everything.

    Who didn't know that demand for fuel would increase after the pandemic? Oh, right. "That feckless dementia-ridden piece of crap." He never saw that cumin.

    He's the effin President, Curt. He didn't know that the Taliban would take Afghanistan. He didn't know there'd be a baby formula shortage. He didn't know gas prices would rise, and, has heard about tampons yet?

    The guy is a waste of space. He sits around in the White House eating his tapioca during the week and then sets a record for taking days off on extended weekends.

    He's the least popular President in the history of polling. He's earned it...

    ...and YOU foisted him on the whole d@mn world!


  5. by islander on June 16, 2022 4:38 pm

    ”So which is it? Oil production is "actually higher?" or have investors put on pressure for "limited production?"

    If you were able to hold a complex thought, you’d know why both are true.

    Oil producers cut back production during the pandemic because there was less demand and if they kept producing what they had been there’d be a glut of oil and prices would have dropped even further. They increased production “some” after the pandemic but kept it scarce enough to bring the prices up to where they want it to make up for the “loss” they incurred during the pandemic. There is no shortage of oil so they can, whenever they wish, increase production enough to bring the prices back down. But why should they? They and their investors are loving this. They are making record breaking profits. Why would any company sell their product for less than what people will pay for it? They will only increase production if they feel it is in their own best interest. In the meantime they have convinced you, and the other people who complain about $5 a gallon gas that the government is to blame. They have us over a barrel so to speak. There is only one way “we” can have any say in the price of oil and that is by reducing the amount of oil we need (reduce demand). We have the know how and technology to do that.



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