As the rabid right blames Joe Biden for high gas prices, inflation in general and lousy weather anywhere and everywhere (but not global warming!), they should take comfort that their corporate donors are doing okay.
Oil companies in particular (but not only) are having a banner year, especially since war broke out in Ukraine.
Shell Oil, for instance, has “made $9.13 (billion) in the first three months of the year, nearly triple its $3.2 billion profit announced for the same period last year,” according to the BBC.
The BBC quoted Shell chief executive Ben van Beurden, who said the war in Ukraine had caused "significant disruption to global energy markets.
"The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide.
"We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can."
In other words, it’s not up to Shell Oil to set their prices. If it were, van Beurden implies, then Shell Oil would instantly stop raising prices around the world for petroleum.
But Shell Oil is helpless. It’s demand. In the face of uncertainty! That Shell Oil will rake in triple the profit it made in the first three months of last year, before the war in Ukraine began, has nothing to do with higher prices!
The only conclusion is that higher prices are the fault of consumers, selfish people willing to pay $6 a gallon for gas, willing to pay more for items shipped around the country in trucks burning diesel fuel that costs $6 a gallon!
We should be ashamed of ourselves.
Gas prices under Biden increased 48.4% in the year before Ukraine even though he blames Putin for all his problems. Within days of taking office Biden attacked oil companies, halted leases on federal lands, and took a series of executive actions all aimed at reducing gas and oil production. Combined with more demand from consumers the rules of supply and demand occur.
Friday California announced they will not have enough power this summer but of course did not say they have shut down many natural gas fired electric plants and now produce less power. Perhaps like biden they will also blame putin.
I know I do not like the high pump prices but those with trust funds and oil company stock certainly take some pleasure in higher profits.
Shell made 13%. Apple made 26% profit a bit better than Google. Ask what each company invests in toward their future growth and what they produce of real value to the economy. Nominally Shell will reinvest in more energy production worldwide.
Alas, Exxon only made ~6% profit. It has a bit less to reinvest in energy production. Exxon leases in NM are not being exploited for policy reasons but Nigeria will benefit.
For consumers, Bank of America made 31% profit. Money makes money, remarkable. Sadly in the coming days, the market thinks BAC will not do quite as well. They will be hurt along with consumers as wallets tighten.