Graph of the Week: Oil Companies Taking Profits, Milking Consumers

October 20, 2022

From @jamieclimate on Twitter:

The media should be repeating this every day: when asked why they aren’t producing more, oil and gas CEOs said it was because of “investor pressure” to keep prices high, not government regulations or lack of access to public lands.

Big Oil’s scheme:
1. Make over $100 billion gouging consumers
2. Blame Biden for the high prices
3. Use money to help elect Republicans
4. Undermine clean energy agenda to keep us addicted to their product

New York Times:

WASHINGTON — Oil and gas industry lobbyists, anticipating that Republicans could take control of the House in the midterm elections, are already working behind the scenes on Capitol Hill to push back against what they consider the Biden administration’s anti-fossil-fuel agenda.

The American Gas Association is helping to lead the charge, taking aim in particular at a program that encourages homeowners to replace furnaces and stoves that use natural gas with electric-powered devices in the name of fighting climate change.

A top lobbyist at the powerful trade association told other gas industry executives at a conference late last month that the organization was preparing to team up with House Republicans to intensify oversight of the Energy Department, recalling Obama-era investigations by Republicans in Congress into a solar panel company named Solyndra that went bankrupt after receiving a federal loan guarantee.

Their hope is to undercut a $4.5 billion program that will give rebates worth as much as $14,000 per household to low- and moderate-income families to install electric-powered heat pumps, water heaters, induction stoves and other devices that would in many cases replace appliances that use natural gas.

CBS News March 25, 2022:

Consumers battered by sky-high gasoline prices shouldn’t expect relief from the oil industry anytime soon. 

Many oil and gas executives say they have little interest in increasing oil production — even at crude’s near-record prices, which make extraction very profitable for their companies.

The price of crude oil has been steadily rising since the start of last year. It hit $100 a barrel in March after Russia invaded Ukraine — the first time in 12 years it breached three digits.


2 Responses to “Graph of the Week: Oil Companies Taking Profits, Milking Consumers”

  1. ubrew12 Says:

    Putins War is global

  2. rhymeswithgoalie Says:

    They’re not sinking a lot of money into future development, but propping up their stock price (and consequently the net worth of their executives).

    Oil&gas’ end game may not be fun for us, but at least it’s an end game.

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