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Big Oil profits when prices surge, and corporations will cash in on this crisis
Key Excerpts from Article on Website of Denver Post
Posted: March 20th, 2022
https://www.denverpost.com/2022/03/14/colorado-oil-gas-price...
As Russia perpetrates war crimes against the people of Ukraine, the fossil fuel industries in Colorado and across the country are licking their collective chops and preparing to cash in on the crisis, likely generating yet another round of record profits in adherence to one of the most famous maxims, often attributed to Winston Churchill, “Never let a good crisis go to waste.” The price of gasoline is high right now. Big Oil is exploiting the Russian invasion of Ukraine and its effects on the price of gas to run up record profits. At the end of 2021, BP, Exxon Mobil, Shell, and Chevron all reported the highest profits they’ve seen since 2014, and every single company attributed those record profits to surging oil prices as post-pandemic demand increased and supply had not yet met that demand. Last week, White House Press Secretary Jen Psaki pointed out that U.S. oil companies are sitting on over 9,000 federal drilling permits, claiming that these should be tapped before additional leases are granted. The industry balked, arguing that “developing a lease takes years and substantial effort to determine whether the underlying geology holds commercial quantities of oil and/or gas,” undermining their own point while they’re making it: if it takes so long to produce oil from a new lease, how on earth would issuing new leases have any discernible effect on gas prices today? When record-high prices coincide with record profits, as they almost always do, it is lunacy to ignore the obvious connection between the two.
Note: Explore an alternative viewpoint on the Ukrainian situation from a respected source. For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
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