The oil companies are literally cranking up the prices to make Biden lose and get record profits

[Calculating]

There's really no other explanation here, all the oil companies have been making absolutely gargantuan profits while our economy gets crippled. IMO this is by design to drive the democrats out of power and bring about a full republican government who will do away with all the decarbonization plans.

[AllaN01Bear]

1. scam. gouge. rip off.

[Beachnutt]

2. I guess there is nothing that can stop them

Just buy the minimum of gas...

[StarryNite]

3. I agree.

[FalloutShelter]

4. Absolutely!

Let’s start asking Rethugs why they all voted against the bill written to curb price gouging at the pump … hummmm?

Crickets?

There is a Global recession coming and they are going to blame Joe for all of it.

Makes me angry, but this is what we are facing.

[CentralMass]

5. I've been very fortunate to have been able to work remotely

since the pandemic and therefore I drive very little.

[Irish_Dem]

6. The oligarchs want GOP to win all elections.

The American oligarchs are like the Russian ones.
They want access to all US assets.

[dalton99a]

7. Biden should order/allow federal employees to work from home and reduce gas consumption

just like during the pandemic

[Beachnutt]

10. Now thats a Great idea

let's reduce consumption as much as possible.
But will the crooked oil companies slow down production even more ?

[TigressDem]

8. True

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.

[Hav]

9. Gas and fuel prices went through the roof all over the world

This isn't just a US thing.

[mopinko]

11. it worked on jimmy carter.

[HariSeldon]

12. I think the economic equilibrium for oil moved

Due to the amount of oil Russia was supplying to to world, their actions with respect to Ukraine were bound to raise oil prices.

Sadly -- from my standpoint, given the difference in politics I have from those of the oil companies -- that puts additional profit in the oil companies' coffers.

I wish our country had been foresighted enough to enact windfall profit taxes, so that the extra money paid for gasoline would go to benefit the poorest in our nation, rather than to the rich oil companies. The oil companies should at least create some kind of voucher program to assist the working poor who are barely scraping by and now have to pay more for gasoline and to retirees on skimpy fixed incomes.

[lees1975]

13. Profits double, which indicates there's not a shortage

and the price of gas could go below 3.00 and they'd still be raking it in.

I'm glad I live somewhere that I can avoid going to the gas station so often. I can ride the "L".

[Chainfire]

14. If you all will take over the capitol and make me king for a week

I would nationalize oil so fast they wouldn't know what hit 'em. If you don't go to the Capitol and fight like hell, you won't have me for your king! All you progressives, stand back and stand by!

By the way, Gasoline in Mexico, with their state run monopoly, is about $ 4.00 today.

[Chainfire]

15. The oil companies do it because they can get away with doing it.

It is our damn fault!