You are about as clueless as a dodo bird.
That makes you an imbecile.
The root cause of oil companies making record profits isn't because of high gas prices because of tax cuts.
Never stated oil companies record profits were because of tax cuts.
'Meanwhile, oil companies are achieving record high profits. At a recent congressional hearing, in the wake of sanctions imposed by the U.S. and allies against the import of Russian oil, six oil companies admitted that they made over $75 billion in profits in the past year, the oil industry cushioned by over $30 billion in government subsidies".
That's what you got of out the statement?
You're an idiot.
The point was, why do they need a government subsidy?
In fact, tax cuts brought in record amounts of income to the federal government.
You're FOS, republicans have been claiming that, for 42 years now.
The latest claim.
In a March 31, 2016,
interview with Bob Woodward and Robert Costa of The Washington Post, Trump said he could pay down the national debt, then about $19 trillion, “over a period of eight years” by renegotiating trade deals and spurring economic growth.
After he took office, Trump predicted that economic growth created by the 2017 tax cut, combined with the proceeds from the tariffs he imposed on a wide range of goods from numerous countries, would help eliminate the budget deficit and let the U.S. begin to pay down its debt. On July 27, 2018, he
told Sean Hannity of Fox News: “We have $21 trillion in debt. When this [the 2017 tax cut] really kicks in, we’ll start paying off that debt like it’s water.”
By early 2019, the national debt had climbed to $22 trillion.
By the end of 2019, the debt had risen to $23.2 trillion.
Dec. 31, 2020, the national debt had jumped to $27.75 trillion, up 39% from $19.95 trillion when Trump was sworn in.
Only a fraction of the 2.9% economic growth in 2018 came from the tax cuts, according to the nonpartisan
Congressional Research Service. Instead of investing profits into their own capital investment, companies
bought back a record $806 billion in shares in 2018, sending stock prices further upward.
The reason for high gas prices is called supply and demand. Biden reduced the ability for gasoline because of drilling restrictions by U.S. companies.
Again..............FOS.
The oil companies didn't have any drilling restrictions.
“In the United States, 90% of onshore oil production takes place on land that isn’t owned by the federal government. And of the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased,"
“They have 9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year. They have 9,000 to drill onshore that are already approved.”
Republicans blame Biden for what oil companies are NOT doing.
Then, we started buying oil from OPEC, Russia, Venezuela, Brazil...When the war in the Ukraine broke out, OPEC and Russia raised prices as did others. Biden made several calls to OPEC to drill more oil to lower prices and they laughed at Biden.
April 13 2020
The 13 nations in the Organization of Petroleum Exporting Countries (OPEC) reached agreement with Russia, Mexico, the United States and seven other major oil producers Sunday to
cut production by a combined 9.7 million barrels a day in May and June.
The cuts, if implemented, would reduce global oil supply by about 13 percent.
Trump, who has long criticized OPEC for
raising U.S. gas prices,
tweeted Sunday that "the big oil deal with OPEC plus" will "save hundreds of thousands of energy jobs in the United States," and he thanked Russian President Vladimir Putin and Saudi King Salman. As part of the deal, the U.S. agreed to cut 300,000 barrels a day, making up for Mexico's shortfall,
The Wall Street Journal reports, though "it couldn't be determined whether that was in addition to other U.S. cuts, or how the U.S. cuts would be implemented."
Biden's policies are the reason for the gas prices.
The US government only controls 10% of ALL oil production in the US, republicans whine about that 10%, instead of the 90% the US government doesn't control.
Even Democrats are crossing over on this one including the media. So, because of Biden, we are now paying more for oil which means gas prices are higher and thus more profits for oil companies.
Biden, you claimed, "got laughed at" by OPEC, so now Biden controls them?
If it's costing oil companies more money to get the oil, why would you throw more taxes on them?
Exxon Mobil made $23 billion in profit for 2021.
Chevron also experienced its most profitable year since 2014, with the company reporting in January that it made
$15.6 billion in revenue for 2021.
BP reported it made
$12.85 billion in 2021, with $4.1 billion being made in the fourth financial quarter. Reuters reported the quarterly profit was the largest the company has had since 2013.
Shell made significant profits in 2021, earning
$19.29 billion for the year, up from $4.85 billion in 2020. In the final financial quarter of 2021, the company earned $6.4 billion, Shell’s highest quarterly profit since 2014.
Price gouging.
They would just pass those increased on to you and I in the cost at the pump. That would then increase oil company's profits even more. Then, you loonies would increase taxes on oil companies even more which would be passed on at the pump and the companies would make even more money.
Right, the decades old, "corporate taxes get passed on, straight to the consumer".
Some would but passing too much tax on to the consumer and they would lose profits.
What is it with you liberals and taxations and company and people making money?
What is it with republicans giving highly profitable companies tax payer money?
