Trump is meeting with oil company CEOs to raise gas prices he just celebrated as a ‘massive tax cut’
10 million newly unemployed Americans and the President is working hard to raise, yes I said raise, the price of gas for every American.
President Trump is meeting at the White House on Friday with the top executives of some of the largest U.S. oil companies to discuss ways his administration might support the oil and gas industry amid an oil crash. On Thursday, Trump tweeted that he had spoken with the leaders of Saudi Arabia and Russia — whose price war combined with a sharp drop in demand due to the coronavirus pandemic to tank oil prices — and expected them to cut production, which “will be GREAT for the oil and gas industry!” Indeed, oil prices shot up after Trump’s tweet and continued rising early Friday.
But higher oil prices mean higher gas prices for consumers, as CNN political analyst Joe Lockhart noted.
Trump Admin Bails Out Oil and Gas Companies That Gave Millions to GOP Groups
As the economy collapsed in the pandemic, oil and gas companies that have donated over $10 million to Republican super PACs got tax breaks and lease pauses from Interior Secretary David Bernhardt, a former fossil fuel industry lobbyist.
When you’re in the business of selling something whose value suddenly collapses, as U.S. oil producers were earlier this year in the global slowdown around the coronavirus pandemic, it’s helpful to have someone in power to cut your tax rate to near zero and press pause on your leases.
Largest oil and gas producers made close to $100bn in first quarter of 2022
“The greed of these companies is staggering,” said Lori Lodes, executive director of Climate Power, an advocacy group. “We’ve heard their executives bragging about how much the agony of inflation and the tragedy of the war in Ukraine has allowed them to raise prices. These profits are going right into their pockets.”
There was no need for a bailout, now they are milking America dry
I challenge anyone to defend this lack of action by biden, and clogging the thread with pages of cut and past about past presidents is a losing argument
In hindsight, they didn’t need a bail out, but if they hadn’t been and this hadn’t happened, then the consequences would be much worse. As much of a moron as Trump is, that wasn’t a bad decision with the data he had at the time.
and what was he suppose to do in that scenario, have a hearing on capitol hill, because you can’t force them to do anything if it’s legal, you can only ask
The only thing Dennis does here is to blame and refuses to look into the matter further, so no one hears his cries any more
It would be wonderful if politicians stopped blaming each other’s parties and worked together to find a solution to the problem; this would be better for the country, Of course that behavior trickles down to American society,
America will never again experience its glory days, nor will it improve
Presidents can scream all they want at Big Oil CEOs but screaming won’t result in additional oil refineries magically appearing.
Even Trump tried to keep a Philly refinery open and sent Peter Navarro, but it still closed proving how little influence the White House has over such operations.
Additional domestic refining capacity is what’s needed to bring gasoline prices down but there is none.
A president can enact price controls but a price ceiling below the free market price causes buyers to demand more than they previously wanted at the free market price and sellers to sell less than they wanted to sell at the free market price. This will result in shortages.
I would gladly take a screaming president over the one we have now who does nothing and says nothing.
As I have stated before, why not invite CEOs of the major oil companies, ( drillers and refineries) to the White House and have a closed-door meeting, ( no media show) and work together to come up with a plan to increase production. I think a real leader would be doing just that. So far we are seeing no direct action by this president. This leads me to the opinion that $10 a gallon gas prices is what this president wants
But there were low expectations among industry analysts that anything constructive would come out of the meeting. The main bottleneck driving gas prices higher, industry experts say, is a lack of refining capacity after numerous refiners shut down during the pandemic when demand for gasoline tumbled. There is no clear way to put those refineries back on line and no motivation for companies to build new refineries, which would take years to complete, given the ongoing shift to electric vehicles.
“At the end of the day, the problem is this: The electric vehicle environment is on the horizon. It’s out there somewhere, 10 years from now, 15 years from now, 20 years from now, it’s going to happen,” said Bob Yawger, executive director of energy future strategies at Mizuho. “And so, you’re trying to tell these guys that they need to crank it up as they’re drifting into that eventuality? That’s a tough sale, and they’re making money right now for the first time in years."
Right now it is about making the average American poorer as the rich get richer, and I have seen nothing from this president or the party running congress that would change that, in fact they have taken the wealth gap and put it on steroids.
Funny how this guy ( me) who many of you would identify as a conservative Republican seems to be the lone voice speaking for the working poor and those on fixed income. The rest of you by your comments seem to be supporting the status quo, that is a position I find unacceptable and repulsive
He’s talked about pausing the gas tax. Not enough for you.
He’s talking to the governments of the world nobody in the US likes, against his own political interest, to increase supply. Nope.
You suggested he call the oil company execs up. He did that. He literally did exactly what you suggested he do. Yet you say you’ve seen nothing from him.
There’s not much in my understanding that a President can do to give us relief in the short-term that he hasn’t already done…
What exactly do you think Trump could do in this situation that doesn’t involve major governmental subsidies for companies that are swimming in profits or opening protected federal properties down the road?
Maybe Biden isn’t the root cause of all of our issues right now, including gas prices.
Serious question, why are all of your posts a defense of biden? what is your love affair with this guy,
News flash, President Trump is no longer in office, so your question is rather meaning less, a meaning full question would be " What exactly do you think biden could do" and I have answered that
Our country ( US) is in a crisis , and not just fuel prices, and these are are the leaders that some of you here defend and refuse to hold accountable. Thank God for truth tellers like Russell Brand
No love affair on my end. Simply having a go at you since all of your posts still dump on Biden for causing this fuel mess when there’s literal evidence in your face explaining otherwise.
Easy way out… but that’s expected.
Your post from 1 day ago
5 days ago
Give credit where credit is due. Might get us back to more civility.
After years of underinvestment in the US, there’s not much that can be done in the short term to increase production. And now that North America has to supply Europe to offset Russian energy bans, any marginal increases in production won’t help due to increased demand.
