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Biden, 'outraged' by oil company profits, to hit issue again in White House remarks

Discussion in 'Latest US & World News' started by wgabrie, Oct 31, 2022.

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  1. wgabrie

    wgabrie Well-Known Member Donor

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    Biden, 'outraged' by oil company profits, to hit issue again in White House remarks (msn.com)
    Uh, oh! Biden is on the warpath against oil. And he can't be voted out in the upcoming election, and he will still have "a pen and a phone" until 2024, regardless of the outcome of the 2022 election.

    On one hand, this validates the right's argument that Biden is pushing oil prices up with his war on the oil industry.

    On the other hand, part of me wants to see where this goes because the oil lobby is much too powerful. And, how many alternate energy sources have been made to disappear, under mysterious circumstances, because they competed with big oil??

    Anyway, I won't be able to tune in live because I'll be at work, but if you want to hear Biden's argument, and you have the time, the speech will be on at 4:30 pm today (2030 GMT).
     
    Last edited: Oct 31, 2022
    wgabrie, Oct 31, 2022
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  2. WhoDatPhan78

    WhoDatPhan78 Banned

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    If profits have at least kept up with inflation, then profits are contributing to inflation.
     
    WhoDatPhan78, Oct 31, 2022
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  3. lemmiwinx

    lemmiwinx Well-Known Member Past Donor

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    Biden and the Greens have always hated oil companies. Biden ran his 2020 campaign on shutting down oil exploration. That's why we're paying outrageous gas prices at the pump and for home heating oil now.
     
    Last edited: Oct 31, 2022
    lemmiwinx, Oct 31, 2022
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  4. WhoDatPhan78

    WhoDatPhan78 Banned

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    Why? because Biden hurt their feelings?

    Gas prices are up around the world. The US has suffered less of an increase that most of the world.
     
    Last edited: Oct 31, 2022
    WhoDatPhan78, Oct 31, 2022
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  5. FatBack

    FatBack Well-Known Member

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    So it's your contention that this administration has not hindered the industry?
     
    FatBack, Oct 31, 2022
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  6. WhoDatPhan78

    WhoDatPhan78 Banned

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    Not enough for my taste.
     
    WhoDatPhan78, Oct 31, 2022
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  7. fmw

    fmw Well-Known Member

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    Business profits are not inflationary. Where on earth did you get that idea? Inflation is caused by government profligate spending and prices result from the relationship of demand and supply.
     
    fmw, Oct 31, 2022
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  8. fmw

    fmw Well-Known Member

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    We are paying outrageous prices for fuel because of a supply shortage which, by the way, was caused by Biden.
     
    fmw, Oct 31, 2022
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  9. wgabrie

    wgabrie Well-Known Member Donor

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    More from the article :
     
    wgabrie, Oct 31, 2022
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  10. lemmiwinx

    lemmiwinx Well-Known Member Past Donor

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    When he was running for president in 2020 Biden called Saudi Arabia a pariah state that should be shunned. Saudis take that kind of disrespect seriously in case you didn't know. Now Biden wants to make kissy face with MBS and the Saudis. Too late for that my friend.
     
    lemmiwinx, Oct 31, 2022
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  11. WhoDatPhan78

    WhoDatPhan78 Banned

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    Business profits are part of the cost. If they raise prices to keep the same % of profit despite higher costs then they are contributing to inflation. If their % profit is even more, then they are making an even greater contribution to higher prices and inflation.

    Unless you don't think the cost of fuel contributes to inflation.
     
    WhoDatPhan78, Oct 31, 2022
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  12. WhoDatPhan78

    WhoDatPhan78 Banned

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    So we should have had a sword dance with a state sponsor of terrorism?\

    MBS needs to be taken out.
     
    WhoDatPhan78, Oct 31, 2022
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  13. fmw

    fmw Well-Known Member

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    You can believe anything you like. Obviously I can't help you. I would be interested to know what cost business profits are part of. I need a chuckle.
     
    fmw, Oct 31, 2022
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  14. FatBack

    FatBack Well-Known Member

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    So you like high gas prices and the inflation that brings? Noted
     
    FatBack, Oct 31, 2022
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  15. USVet

    USVet Well-Known Member

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    USVet, Oct 31, 2022
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  16. USVet

    USVet Well-Known Member

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    If you care about the environment then that is a very bad policy position to take. It will just lead to more coal being burned and thus release more pollution and more carbon.
     
    USVet, Oct 31, 2022
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  17. Heartburn

    Heartburn Well-Known Member

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    From Biden, he got it from Biden.
     
    Heartburn, Oct 31, 2022
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  18. Pro_Line_FL

    Pro_Line_FL Well-Known Member Past Donor

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    Of course they try to maximize their profits, and it hurts the consumer. Its the nature of the best. They COULD help the situation, but they got burned doing that last time when demand plummeted. Its how private corporations operate and we are their mercy at times like these.
     
    Pro_Line_FL, Oct 31, 2022
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  19. WhoDatPhan78

    WhoDatPhan78 Banned

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    No, the oil companies could take half of their current profit margin and still be making billions.

    Regular folks have to absorb inflation, companies just change a number on a spreadsheet.
     
    WhoDatPhan78, Oct 31, 2022
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  20. vman12

    vman12 Well-Known Member Past Donor

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    Maybe when you can't eat your brain will figure it out.
     
    vman12, Oct 31, 2022
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  21. vman12

    vman12 Well-Known Member Past Donor

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    LoL you could just say you don't understand what causes inflation.
     
    vman12, Oct 31, 2022
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  22. FatBack

    FatBack Well-Known Member

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    Yes we need more government meddling in the industry.... Because that always helps to reduce cost!
     
    FatBack, Oct 31, 2022
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  23. fullmetaljack

    fullmetaljack Well-Known Member

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    The supply shortage was caused by the Orange Stain and his incompetence. Biden inherited the problem.
     
    fullmetaljack, Oct 31, 2022
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  24. USVet

    USVet Well-Known Member

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    That is a very ignorant take.
     
    USVet, Oct 31, 2022
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  25. Jeannette

    Jeannette Well-Known Member Past Donor

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    What a bunch of garbage. Biden doesn't mention that thousands are being fired every year so Exxon Mobil can make a profit.
     
    Jeannette, Oct 31, 2022
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