Despite High Gas Prices, Big Oil Brought in over $46 Billion Total Earnings Last Quarter
www.entrepreneur.com
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Shell, Chevron, and ExxonMobil have raked in record-breaking cash as the average consumer has faced soaring gas prices. Read more about Big Oil's profits, here.

Despite? BECAUSE of high gas prices lmao

SpaceCowboy
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127d

The first rule of capitalism is “accumulate, accumulate, accumulate”

The second rule is “obfuscate, obfuscate, obfuscate”

Sightline
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7d

That’s the first rule of being a sociopathic human, it’s not bounded to a specific economic system.

Less Russian oil means more countries battling for OPEC oil that doesn’t need much refining. So more oil is going to be coming from the US and Canada which is heavier and needs refining. Big oil runs these refineries. It’s almost like the US president is in the pocket of big oil.

SpaceCowboy
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Wait, you mean to tell me that Iran and Libya aren’t actually threats to the west? Well that’s the only reason I can think of to prohibit the sale of their oil on the open market.

Edit: re-reading this, this comment reads super stupid lol. I shouldn’t commie-post after midnight.

It’s also the reason why the US are so keen on Venezuela. Their oil requires a lot of refining because of how heavy it is. A lot of money for oil companies.

SpaceCowboy
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46d

Does requiring more refining translate to bigger profits because they can get away with paying the venezuelans less for it and they control the rest of the supply chain?

Absolutely. It also creates a larger dependency on big oil as they make out that they are the only ones that can refine that oil.

It wasn’t long after Chavez kicked big oil out of Venezuela that the Saudi’s started pumping more oil dropping the oil price massively. The US then said that Venezuela couldn’t process their own oil and thats what caused their economic problems when that’s not what happened at all.

SpaceCowboy
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Interesting. Thank you for the knowledge.

You are welcome.

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