Joe Blames Corporate Greed for His Inflation

[jackflash]

Joe: “Why don’t you tell them what Exxon’s profits were this year? This quarter? Exxon made more money than God this year,” he said in remarks at the Port of Los Angeles. “Exxon, start investing. Start paying your taxes.”

Exxon profit margin: 5.48%

Pretty standard for any business.

Effective income tax paid: 32.8%

Nice chunk.

Now the million dollar question:
WHY WASNT THERE CORPORATE GREED THE PAST FOUR DECADES?

Joe ‘The Buck Stops with Me’ Biden always blames everyone and everything except the one who’s to blame: Joe Biden the Liar.

ExxonMobil announces first-quarter 2022 results

IRVING, Texas – April 29, 2022 – Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia...

corporate.exxonmobil.com

The DNC is one of those greedy corporations so I guess Big Joe is correct in his statement!

Bloomberg - Are you a robot?

 

[Nuthin' Fancy]

If you were informed you’d be a conservative too.

Biden Makes Sweeping Changes to Oil and Gas Policy​

January 28, 2021

Biden Makes Sweeping Changes to Oil and Gas Policy

The Biden administration has imposed a moratorium on new oil and gas leasing on public lands, rattling investors and producing states.

www.csis.org

From your link.

"This pause will not affect existing operations or permits for existing leases, and private lands will not be affected".

There were over 9000 permits on just federal land at the time, 60% were not used and permitting was resumed.

"These moves follow executive orders that halted implementation of a leasing program in the Arctic National Wildlife Refuge and effectively suspended new leases, contracts, or drilling permits for at least 60 days".

Another suspension.
So when the suspension was over.

One of the Trump administration's biggest environmental rollbacks suffered a stunning setback Wednesday, as a decades-long push to drill for oil in Alaska's Arctic National Wildlife Refuge ended with a lease sale that attracted just three bidders — one of which was the state of Alaska itself.

Alaska's state-owned economic development corporation was the only bidder on nine of the parcels offered for lease in the northernmost swath of the refuge, known as the coastal plain. Two small companies also each picked up a single parcel.

Half of the offered leases drew no bids at all.

"They held the lease in ANWR — that is history-making. That will be recorded in the history books and people will talk about it," said Larry Persily, a longtime observer of the oil and gas industry in Alaska . "But no one showed up."


"Biden’s January 20 executive order also withdrew the permit for the Keystone XL pipeline"

Another misleading "disaster" in the making.
The pipeline is only 10% complete and not one gallon has flowed thought it.


"and directed agencies to consider new rules to curb methane emissions from oil and gas. Last, Biden has directed government agencies to work toward eliminating fossil fuel subsidies by fiscal year 2022".

Damned right why should we give them US taxpayer $$$, so they can charge $5 plus and rising, for fuel.

The rest is opinion of maybe's and could's.

 

[Nuthin' Fancy]

If you were informed you’d be a conservative too.

I am.
A real conservative, not a republican claiming to be one.

Biden Makes Sweeping Changes to Oil and Gas Policy​

January 28, 2021

Biden Makes Sweeping Changes to Oil and Gas Policy

The Biden administration has imposed a moratorium on new oil and gas leasing on public lands, rattling investors and producing states.

www.csis.org

 

[LeftofLeft]

Retards are blaming Biden for high fuel prices.

The US government controls a whopping 10% of ALL oil production in the US.

Of that 10% only 40% is being drilled on.

So, by all means blame Biden for the oil price he effectively controls 5% of?

That's Trump U. "logic" for you.

Take a critical look at Biden’s Energy Policies and show US how they have NO impact on higher gas prices.

 

[Weatherman2020]

I am.
A real conservative, not a republican claiming to be one.

 

[Nuthin' Fancy]

Take a critical look at Biden’s Energy Policies and show US how they have NO impact on higher gas prices.

WTF?

If Biden STOPPED ALL drilling on the federal land, 24 million acres, he can issue permits on, 10%, it might impact prices, by an increase of 10%.

Oil companies AREN'T drilling on half of those.
So, image the permits that oil companies have on the rest 90%, and NOT drilling.

A FAR greater impact than ANY of Biden's policies, but keep harping on the effective 5% of all oil drilling.

 

[Nuthin' Fancy]

View attachment 657224

Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it."

Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas’ Hildebrand Department of Petroleum and Geosystems Engineering.

There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said.

"Sometimes there might not really even be producible oil and gas on a lease," Daigle said. "Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didn’t properly assess the production potential prior to leasing due to lack of data or that sort of thing."

 

[CowboyTed]

Joe: “Why don’t you tell them what Exxon’s profits were this year? This quarter? Exxon made more money than God this year,” he said in remarks at the Port of Los Angeles. “Exxon, start investing. Start paying your taxes.”

Exxon profit margin: 5.48%

Pretty standard for any business.

Effective income tax paid: 32.8%

Nice chunk.

Now the million dollar question:
WHY WASNT THERE CORPORATE GREED THE PAST FOUR DECADES?

Joe ‘The Buck Stops with Me’ Biden always blames everyone and everything except the one who’s to blame: Joe Biden the Liar.

ExxonMobil announces first-quarter 2022 results

IRVING, Texas – April 29, 2022 – Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia...

corporate.exxonmobil.com

ExxonMobil took a $3.4 billion hit for exiting Russia. Its profit still soared

ExxonMobil took at $3.4 billion charge for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices

edition.cnn.com

"ExxonMobil also announced it is increasing its share repurchases, and it now plans to buyback $30 billion of its own stock. It had announced a $10 billion repurchase program three months ago when reporting fourth quarter results."

Get real... There profits increased by 50% while Russia steals there assets...

The is definitely Corporate greed going on. Prices doubling on Lumber , Steel and Chemicals don't make sense... The supply chain is not that bad, there is much opportunism going on... It is simple cartelling, there been a consolidation of products and services to a few companies and they don't need to sit in a room to know not to compete..

This is the market not working... Special interests have created these cartels and then the lobbyists protect them...

 

[Weatherman2020]

Douglas Holtz-Eakin, an economist and president of the American Action Forum, a center-right think tank, said firms are trying to assess the durability of the global rebound. "They have to be sure that the costly investment (and time) that it takes to turn a lease into a producing well is worth it."

Oil and gas companies can raise funds from investors by not drilling on leases with proven reserves, said Hugh Daigle, an associate professor at the University of Texas’ Hildebrand Department of Petroleum and Geosystems Engineering.

There is actually an incentive for the companies not to develop these resources because for publicly traded companies, these reserves get reported and influence market valuation, Daigle said.

"Sometimes there might not really even be producible oil and gas on a lease," Daigle said. "Companies sometimes hold leases as a bit of a mind game with their competitors, or even just because they didn’t properly assess the production potential prior to leasing due to lack of data or that sort of thing."

What’s the date on this?

 

[Nuthin' Fancy]

What’s the date on this?
View attachment 657226

Data?

Opinion isn't "data"?

 

[Weatherman2020]

ExxonMobil took a $3.4 billion hit for exiting Russia. Its profit still soared

ExxonMobil took at $3.4 billion charge for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices

edition.cnn.com

"ExxonMobil also announced it is increasing its share repurchases, and it now plans to buyback $30 billion of its own stock. It had announced a $10 billion repurchase program three months ago when reporting fourth quarter results."

Get real... There profits increased by 50% while Russia steals there assets...

The is definitely Corporate greed going on. Prices doubling on Lumber , Steel and Chemicals don't make sense... The supply chain is not that bad, there is much opportunism going on... It is simple cartelling, there been a consolidation of products and services to a few companies and they don't need to sit in a room to know not to compete..

This is the market not working... Special interests have created these cartels and then the lobbyists protect them...

5.48% profit.
If you think they lied to Wall Street why isn’t Joe’s DOJ prosecuting?

 

[Weatherman2020]

Data?

Opinion isn't "data"?

D-A-T-E

 

[Nuthin' Fancy]

D-A-T-E

Yeah, in January.

SO?

 

[Weatherman2020]

Yeah, in January.

SO?

Sweeping changes in oil policy a week after taking office had no impact?

 

[Nuthin' Fancy]

Sweeping changes in oil policy a week after taking office had no impact?

"SWEEPING" changes?

The only policy change is "directed agencies to consider new rules to curb methane emissions from oil and gas".

The rest have expired, the NEW oil lease and permitting, that never affected EXISTING leases and permits.
The rest are what could be.
Opinion.

 

[Weatherman2020]

"SWEEPING" changes?

The only policy change is "directed agencies to consider new rules to curb methane emissions from oil and gas".

The rest have expired, the NEW oil lease and permitting, that never affected EXISTING leases and permits.
The rest are what could be.
Opinion.

Yeah that’s it. No corporations have been greedy for 4 decades but now with Joe in charge every corporation is greedy!

Joes policy:

 

[Nuthin' Fancy]

Yeah that’s it. No corporations have been greedy for 4 decades but now with Joe in charge every corporation is greedy!

Joes policy:
View attachment 657234

The U.S. has more than 24 million acres under lease to oil and gas companies onshore — close to half are not producing.

Biden said the oil industry has “9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year.”

Biden’s number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. However, once the permit is approved, drilling doesn’t start overnight. Some companies choose not to drill for corporate reasons — because they can raise funds from investors by not drilling on leases with proven reserves.

The title should read.

Republicans blame Biden for corporate greed.

 

[Weatherman2020]

The U.S. has more than 24 million acres under lease to oil and gas companies onshore — close to half are not producing.

Biden said the oil industry has “9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year.”

Biden’s number is correct: There are 9,137 approved permits to drill on federal and Indian land, and the oil industry could use those permits and drill. However, once the permit is approved, drilling doesn’t start overnight. Some companies choose not to drill for corporate reasons — because they can raise funds from investors by not drilling on leases with proven reserves.

The title should read.

Republicans blame Biden for corporate greed.

Mere koinkydink gas started skyrocketing the day after the election.

 

[LeftofLeft]

WTF?

If Biden STOPPED ALL drilling on the federal land, 24 million acres, he can issue permits on, 10%, it might impact prices, by an increase of 10%.

Oil companies AREN'T drilling on half of those.
So, image the permits that oil companies have on the rest 90%, and NOT drilling.

A FAR greater impact than ANY of Biden's policies, but keep harping on the effective 5% of all oil drilling.

You are leaving out the 50 percent increase royalty rates on new leases and increased ethanol requirements.

Biden policies had an impact on increased costs, regulations, and risk to US Oil Companies.

 

[Nuthin' Fancy]

You are leaving out the 50 percent increase royalty rates on new leases and increased ethanol requirements.

Biden policies had an impact on increased costs, regulations, and risk to US Oil Companies.

Biden did from 12.5% to 18.75%, on 10% of FEDERAL LAND the US government controls.

WOW, 20%.

The FIRST increase since the 1920's.
What was the price of fuel in the 1920's?

$0.25.

So, if that's too expensive, they could just drill on the 90% of land the US government DOESN'T control.