meet with U.S. House Subcommittee
6 CEO’s of big oil companies met today the the U.S. House Subcommittee on Oversight and Investigation of the Committee on Energy and Commerce. The title of the hearing is Gouged at the Gas Station: Big Oil and America’s Pain at the Pump. The companies all agree that gas prices are not in their control and wall street is to blame based on supply and demand. Dem’s blame the gas companies for price gouging and taking advantage of the Russian/Ukrainian war. Republicans blame Biden’s policies. Both parties were looking for confirmation from the CEO’s for their theories.
the 6 CEO’s
The companies were BP, Chevron, Devon ,ExxonMobile, Pioneer, and Shell. They mostly agreed on why gas prices are high and they don’t set the prices. The market sets the prices based on supply and demand. They all are investing money into green or clean energy. There are labor, equipment, and material shortages. All agreed that permits, policies, restrictions, and regulations are why they are not producing what they could. Shell could start more production tomorrow if they had their permits. Also independent owners set prices. All seemed to say they were moving away from fossil fuels. Shell has invested in wind power. Most invest in how to lower emissions. Some say shareholders want returns instead of reinvesting, especially since many were unable to work because of Covid.
Chair Ms. DeGette (D)
She pressed the CEO’s to say less supply equals higher demand. She had a chart showing that when there was a larger supply, prices didn’t come down. All 6 CEO’s agree that it’s a complex issue and not just supply and demand. She wanted answers as to what needs to happen to get prices down today.
Democrats agree on moving away from fossil fuels. Dems believe these companies are taking advantage of the Russia/Ukraine war to make money. Supplies are down, they are charging more. Dems agree more money into renewables. Vice Chair Peters wants more electric vehicles. Invest in mineral mines.
These companies made 76 billion in profits last year and are set to make more this year. Ms. Schrier of Washington believes it is their “patriotic duty” to lower prices in war time. Their companies and shareholders do not need to make that much money. Ms. Trahan of Massachusetts said that Shell was still buying from Russia after the invasion. Mr. Ruiz of California wants clean or green expanded. He wants electric vehicles and lithium battery companies instead of gas or oil companies.
It was brought up that maybe they would end the federal gas tax until the end of the year. The companies said that won’t bring prices down because it is supply and demand that is effecting the price. All the companies took a hit in 2020 because of Covid. Ms. Kuster of N. Hampshire accused them of using 2020 to price gouge. All the companies had huge profits before and after 2020. They were accused of profiteering. The Dems say that oil production is up but if you go to the governments own website you can see that is not true.
These same Democrats were praising these companies for less production. Biden started a war on fossil fuels even before he took office. He campaigned on doing away with oil in America. Crude oil went up 20% on Nov. 3 when Biden was elected, in anticipation of what was to come. He made mountains of red tape for American drillers. Biden ended the Keystone pipeline but gave the okay for Nord Stream. He now begs authoritarian dictators for oil.
If you believe in capitalism, industry is controlled by private owners for profit and not by the state. We live in a country of free enterprise and businesses operate in competition with each other and free of state control. One could advocate for these companies. Do you want government control? They are making a ton of money and so are their shareholders. Do they not have a right to be able to do that in this country? Democrats seem to think they shouldn’t? They are telling them or trying to guilt them into doing it their way. Reduce dividends and lower prices is the Dems answer.
Some Dems believe they can’t move away from fossil fuels fast enough. I see frequently Dems who comment that they don’t mind paying more money for gas. They wouldn’t mind even paying $25 a gallon as long as Pres. Trump isn’t in office. I guess they don’t mind forking out the cost of an electric vehicle.
Republicans introduced 60 bills to reverse what Biden has done. We do cleaner and greener than anyone in the world. Biden has restricted production and that is why price is high. The Keystone pipeline as well as other pipelines are most efficient way to move the oil. We need that infrastructure. The hearing was to destroy the oil business making Americans doubt them. The mines the Dems want so much are in China. They will be dependent on China for renewables. The mines that are in the U.S., China owns 10%.
Experts are saying inflation is going to get worse. Inflation is at a 40 year high. Dems are doing the blame game but their regulations, restrictions, red tape, and permits are what is lowering production. All 6 companies CEO’s said that without the regulations, restrictions, and permits, they could boost production. More oil is what would lower the price. Oil production here is cleaner than anywhere else in the world. Pres. Trump had got rid of Obama’s restrictions. It’s why we had lower prices.
If we move towards mines that are in China only trades being dependent on one energy to another. Do Americans want to be dependent on China? The U.S. has the ability to help the free world.
Gen. Mcmaster explained how national security and energy go hand in hand. Lowering the reserves puts us at risk. Russia used oil as power to control. Russia saw we did nothing when it had troops on the Ukraine border. They saw how we left Afghanistan. Canceling the Keystone pipeline emboldened them. They see Biden as weak.
no relief in sight
I don’t see any relief any time soon. If the Republicans take back control, you will see relief. If not, then the Dems don’t mind paying the higher prices. The hypocrisy at the hearing is sickening. Get rid of these ridiculous policies that are killing Americans.
Anyone that watched yesterdays photo op with Obama and Biden, knows that occurred for one reason. Biden’s policy’s are terrible. His policies are hurting American’s. Biden’s ratings are showing what is about to happen with the Nov. election. Biden needed Obama to come and show his support for the wonderful job he is doing. If anything, it’s proven the opposite. Who is running the White House? Biden needs a cognitive exam, now.
They all should be embarrassed. He is on the world stage.