What Biden Is Getting Wrong About Big Oil’s Profits

What Biden Is Getting Wrong About Big Oil’s Profits

Last Friday President Biden singled out ExxonMobil for reaping big profits as a result of high oil and gas prices. The President complained “Why don’t you tell them what Exxon’s profits were this year? This quarter? Exxon made more money than God this year. Exxon, start investing. Start paying your taxes.” Other prominent Democrats have … Read more

Exxon Hits Back At Biden After Investment Accusations

Exxon Hits Back At Biden After Investment Accusations

Exxon has been investing more than it has been earning in the past five years, with the level of investments in new oil and gas supply double the level of profits, the supermajor said in an official response to accusations made by President Biden earlier this week. “We have been in regular contact with the … Read more

Shell Is Looking To Shake Up The Energy Game In Texas

Shell Is Looking To Shake Up The Energy Game In Texas

For years now, we have seen a growing divide between oil supermajors in Europe and the United States, as Big Oil has split into two factions on opposite sides of the Atlantic over what to do in response to climate change and increasing global calls for decarbonization. As climate activists grow louder and policymakers ramp … Read more

Biden Administration Considers A Windfall Tax On Oil And Gas Profits

Biden Administration Considers A Windfall Tax On Oil And Gas Profits

The Biden administration is considering a proposal to tax oil and gas windfall profits to provide a gas subsidy for American consumers struggling with high energy prices, said Bharat Ramamurti, deputy director of the National Economic Council at a panel sponsored by the Roosevelt Institute think tank on June 2. The news follows a similar … Read more

Why Are Big Oil Execs Dumping Millions Of Dollars Worth Of Stock?

Why Are Big Oil Execs Dumping Millions Of Dollars Worth Of Stock?

Senator Elizabeth Warren and her fellow Big Oil critics may have finally got some literal proof that the oil industry benefits directly from the imbalance of supply and demand: Big Oil executives are selling shares in their companies worth millions. According to calculations made by Bloomberg, the chief executive of Hess Corp. alone sold stock … Read more

Don’t Blame Big Oil For High Gasoline Prices

Don’t Blame Big Oil For High Gasoline Prices

The Biden Administration’s insistence that oil companies are ripping off Americans at the pump while lining their own pockets culminated in this week’s hearing at the House Committee on Energy and Commerce, at which CEOs at the biggest oil corporations in America were grilled about their role in setting the gasoline prices. While Democrats continued … Read more

What Is Holding US Oil Production Back?

What Is Holding US Oil Production Back?

The US energy sector continues to be an outlier in this bear market, gaining +6.6% last week thanks to riding a rally in crude prices after Yemen’s Houthi rebels claimed a series of attacks on Saudi Aramco oil storage facilities. May Brent crude (CO1:COM) settled +12% at $120.65/bbl while May WTI crude (CL1:COM) closed +10.5% … Read more