Tell me you don’t understand the difference between “gross profit” and “net profit” without telling me
Biden floats tax on oil companies that don’t lower pump prices, increase production
President Joe Biden on Monday accused oil companies of “war profiteering,” threatening to go after their “outrageous” profits if pump prices don’t fall.
Unless the industry passes some of those profits onto consumers and increases domestic production, Biden said he will work with Congress to impose a tax on “excess profits,” along with other restrictions.
“It’s time for these companies to stop war profiteering,” Biden said in brief remarks at the White House. “The American people will judge who is standing with them and who is only looking out for their own bottom line.”
When Democrats lose the House and Senate in a week, will Democrats attempt to pass a tax bill? Who knows what those nutballs will do. If they do, it would simply mean those taxes passed on to consumers, and a big lawsuit for targeting a specific industry, which violates numerous Constitutional provisions. I’m sure Joe, and the people who tell him everything to think, understand the difference between net and gross. They do not care, they’re simply attempting to whip up their unhinged moonbat base, who always whine about Big Oil, but, mostly won’t give up their own use of fossil fuels.
Look at Biden: he’s taking a fossil fueled helicopter to Andrews, then flying on a jumbo jet with a backup jet and fighter jet protection, to Ft. Lauderdale, then a big fossil fueled vehicle convoy. There’s an official speech, then he will campaign for Charlie Crist. Then drive to Miami to campaign for Crist and Val Demings. Then back to D.C. All on the taxpayer dime.
There are plenty of companies making more gross profit right now because of inflation, but, it doesn’t mean their net profit is higher.
The head of the American Petroleum Institute, the top lobbying group for the oil and gas industry, said Biden’s proposal would backfire.
“Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed,” Mike Sommers, API’s president and CEO, said in a statement.
Biden’s move comes days before the Nov. 8 midterm elections. Polls show inflation is a top concern of voters and gas prices are one of the most visible signs of pocketbook pain.
It’s an attempt to get Democrats out to vote.
The national average price at the pump is down since the summer peaks but is still 36 cents higher than a year ago, according to AAA.
It was $2.65 on Jan 20, 2020. $3.48 Nov 1, 2021. And $3.85 now. Everything Biden has done has been to increase the price of gasoline, hurting working and middle class Americans. But, hey, maybe Joe and his people do not actually understand how the economy works. You never know with these wackadoodles.
Like Nancy so eloquently misstated,
“The fight is not about inflation, –it’s about the cost of living.”
#Galera
Bwaha! Lolgf
Teach believes President Biden sets gasoline prices.
Dear Elwood:
Well, if we take Biden at his word, Biden thinks he can affect prices.
““It’s time for these companies to stop war profiteering,” Biden said in brief remarks at the White House….”
And actually, Biden has and does.
How? By attacking the oil industry and denying leases on public land he creates a reduction in investment and drilling, he does.
Which in turn drives up energy prices which fuels inflation.
Which in turn causes the Fed to increase interest rates.
Which in turn increases the cost of doing business… which causes the businesses to increase prices…
Now do you understand????
Let me know if I understand.
Before the pandemic, U.S. oil production hit an all-time high of just below 13 million barrels per day (BPD). Global demand collapsed during the pandemic and U.S. production dropped to 9.7 million BPD by May 2020.
Now demand is back up to where it was, but U.S. oil production has only recovered to 11.6 million BPD. But realize that crude oil is a global commodity. The U.S. consumes about 19 million BPD of crude oil.
Global crude production is about 90 million BPD. Russia’s production has dropped 10-20% since the invasion of Ukraine. Saudi Arabia recently announced that OPEC+ would cut another 2 million BPD.
During the pandemic some smaller producers went out of business. Some wells were capped. Workers left for other jobs. There are shortages of equipment, materials and manpower.
This year the number of rigs has increased some 60% over last year but it takes time for the wells to get to maximal production. The industry has permits and leases.
Mr Teach blames President Biden for Russia’s invasion of Ukraine. NuCons and Big Oil blame Biden for bad-mouthing oil and oil companies (which are doing great BTW).
Inflation is a global phenomenon in which global supply vs demand issues contribute. Oil commodity is not immune to supply-demand.
It sounds to us as if you KNOW that it’s all Biden’s fault and you repeat talking points to support your belief.
It IS a fact that oil companies are reporting record high profits, which they claim will be invested in developing renewables. And their stocks are soaring.
Well no, Rimjob, you don’t understand. But one wouldn’t expect you to since you don’t understand business or basic economics. Your company is proof of that.
Getting oil out of the ground is not really the problem. Refining and politicians are.
https://oilprice.com/Latest-Energy-News/World-News/Energy-Execs-Tell-Granholm-Shuttered-US-Oil-Refineries-Wont-Restart.html
#Galera
#LetsGoBrandon
Bwaha! Lolgf
Good for Biden. He definitely needs to close that gas company loophole that keeps gas companies from paying taxes.
At the very least, the sale of gasoline should be taxed to support the maintenance of highway infrastructure. Additionally, it would be great if the Federal government took a share of every barrel pumped from federal lands and put it into something like a national reserve supply… for emergencies or “Strategic necessity”. Oh, who am I kidding. That would never happen. the Oil lobby is too strong.
Wonder when Mumbles will go after Pfizer’s “outrageous profits”.
#Galera
#LetsGoBrandon
Bwaha! Lolgf
You think Biden sets the global price for oil? Just how stupid are you? The USA is pumping more oil now than the Trump average. Regardless of how much or how little oil is pumped domestically it WILL be sold at the world market price.
That price is set by the GulfArabs and Russia. We are pumping 12 million bpd. All oil companies are setting new record profits. Maybe you forgot but when oil was cheap in May of 2020 Trump asked his Saudi friends to cut production because American oil companies could not make a profit with a low oil price
How do you feel about that Teach ? You can easily Google it
Good old H. Wash, rinse, repeat. He’s never right and never in doubt. But 2 years later he always manages to get Trump in there. That’s why they’re gonna get the shit kicked out of them now and in 2024 if they don’t wise up.
Mega MAGA
The irony is breathtaking.
Drug profits? The Dems are always trying to reduce prices they need help from the GOP that they don’t get.
The GOP and Trump cut the taxes on our “elites” by 2 trillion
How much did that effect inflation?
LOL. Rinse and repeat. I point and laugh. It’s still all Trump. What a maroon.
Mega MAGA
When Joe Biden was finally declared the winner, someone had the foresight to take this picture:
Dana
Before Biden was elected, were gas prices trending up? Was that rate of increase significantly changed ? If we are pumping more now, than the average pumped under Trump why are the retail gas prices higher?
Many feel that the Saudis and Russians are attempting to influence elections here in the USA by raising prices to help the GOP win. Dana will these efforts help to make you choose how you vote? How do you feel about the efforts of foreign countries to manipulate our elections?
John,
We are living under a government that was put in place by a stolen election. We need help from any country willing to step forward. Biden increased gas prices by going to war with the oil company’s and threatening to put them out of business because he believes in the carbon god. John, you are our enemy, not other countries.
The Saudis have publicly threatened our country with jihad and martyrdom. Will that plus the high gas prices help you to choose the GOP? Or they they simply ancillary inducements ?
So Carbon Offset-then why did the Dems block Trump from buying oil (from the Saudis) at 24 dollars a barrel in 2020? Libs publicly state they want higher gas prices so why are you so surprised when that occurs under a Dem Congress and President? It’s a mystery…
gas prices???
In April of 2020 gas prices in USA were $1.94
Trump asks Saudis to cut production
1year later, 1month after Biden is inaugurated the price is up to
$2.94. Dana can you explain how Biden made the price jump up to that in only 1 month after he was POTUS? Was Biden in league with the Prince of Darkness? I used Google to check the gas prices, feel free to check for yourself ????
Thanks for evading the point, Carbon Offset. You have this narrative of Trump asking the Saudis to cut production-Orange man bad, while at the same ignoring relatively cheap gas not being able to be bought curtesy of the libs. It really increases your credibility here….
Once again H.
Russia and Saudia Arabia were in a price war, producing oil at record paces because of COVID and both nations pay their bills with oil sales. So much oil was produced that Frackers shut down and went out of business.
Trump stepped in to protect these idiots from themselves with the very real danger of the entire oil industry collapsing on itself. Russia and Saudia Arabia agreed to end the oil war and the prices started slowly climbing.
Price of Gasoline in February 2021?
H claims 2.94 one month after Biden took office.
FALSE….4 Pinochios.
Prices hovered in the $2.10-$2.22/gallon range until November 2020. As of the current week ending February 8, 2021, gasoline prices have risen for 11 consecutive weeks, adding back $0.36/gallon. The average price of $2.26/gallon is only $0.05 cents below the January 2020 level or 95% of its starting level.
We can thank TRUMP for decent gasoline prices and an OIL industry that did not implode after Covid HIT.
Your welcome H.
Dear Elwood:
It is the perception of shortages created by the Biden Admin’s policies and actions, plus the loss of fracking and the failure of some refiners to start back up.
There is no shortage, just the belief that there will be.
So, delusional Americans and corporations taking advantage of it?
Got it.
So, delusional Americans and corporations taking advantage of it?</e
It's called the Futures Market dowd. Maybe you need to familiarize yourself with commodity trading before you discuss commodity prices with the grown ups.
Prices are set by the market. The market is influenced by all kinds of shit. War in Ukraine and pedo joe being just two of them.
Mega MAGA
Brandon: “Inflation is a worldwide problem because of a war in Iraq… Excuse me the war in Ukraine. I’m thinking of Iraq because that’s where my son died.”
https://twitter.com/greg_price11/status/1587522108770422784
#Galera
#LetsGoBrandon
Bwaha! Lolgf
Only gullible fools believe America will benefit by having Biden increase taxes on oil companies. First of all, oil companies do not pay taxes. Oil companies COLLECT taxes from their customers. The cost of gasoline will increase the instant Biden’s tax increase goes into effect.