Bloomberg: Biden Feud With Big Oil Ratchets Up Just as World Needs More US Oil
As October drew to a close, the White House saw another potential energy flash point on the horizon.
Diesel and heating oil inventories in the US Northeast were getting worryingly low. Officials swung into action, organizing a series of calls between Energy Secretary Jennifer Granholm and several of the country’s biggest oil refiners to discuss strategies to boost stockpiles. The tone was cordial, according to people with knowledge of the conversations.
But the very next working day, the oil industry was blindsided. At a hastily arranged press conference on Oct. 31, President Joe Biden castigated Big Oil for handing “outrageous” profits to shareholders and executives rather than bringing down prices at the pump. Unless that changed, he warned, oil companies faced more taxes. “Their profits are a windfall of war -- the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe,” he said.
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WNU Editor: As I have mentioned before. No one is going to invest in refineries/oil/natural gas/coal projects when the President of the United States and the Democratic party are on the record threatening to put them out of business.
1 comment:
Not going to produce more oil. Not going to buy Russian oil. Just going to buy clean, ethical Indian oil sourced from [REDACTED]. Then, when the time is right, we declare war on China and show them how much more powerful our $250/barrel oil is than their puny $65/barrel oil. That's how we're gonna win this one lads. Just like in '42: you keep your heads low, don't question the superiors, and march ever onward!
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