How The Oil Companies Are Ripping Us Off.
Oil companies are a major contributor to bribery on a global scale. They provide the most money to politicians and the media in exchange for favors. This is a big problem because they are causing damage to the environment and putting people's livelihoods at risk. They are doing this just to make more money, which is not right. Oil companies try to deny that their profits are driving up gas prices, but the evidence proves otherwise. They also pay economists to downplay the impact of industry consolidation on prices. When a few companies control an industry, they can charge higher prices than in a more competitive market.
The largest refinery in the United States is in Port Arthur, Texas. It can process up to 600,000 barrels of crude oil per day and is now owned by Saudi Aramco, a Saudi Arabian company that produces oil and natural gas.
The oil industry has been lying to us about global warming for decades. They spent millions of dollars to convince people that it wasn't real, and this delayed action to address the problem. This delay has led to the climate crisis we face today, which is causing deaths and threatening life on Earth. Each American paid around $2000 last year to support the fossil fuel industry, according to a report by the International Monetary Fund.
The fossil fuel industry gets about $6 trillion in subsidies every year, and Americans are contributing $600 billion a year to this industry. This means that every minute, one million dollars of taxpayer money goes to companies that are making huge profits. But why are we funding our own destruction? Congress needs to take action by stopping oil exports, ending subsidies for fossil fuels, and supporting clean energy. If we don't do something, these companies will continue drilling and mining, which will cause a catastrophic rise in temperature that could lead to mass extinction.
Although oil companies claim to be working towards carbon neutrality, they are only talking about their own operations, not the products they produce. BP is planning to super-insulate its buildings, but this won't do anything to stop the carbon emissions from its operations over the next 30 years.
In the first quarter of 2022, major oil companies made 35 billion dollars in profit. They are also planning to give $88 billion in stock buybacks to their wealthy shareholders. Meanwhile, the corporate media is trying to make the public outraged about the high price of gas, even though they know that oil companies are gouging everyone. Republican senators are filibustering lower gas prices to protect their oil industry backers from a windfall profits tax. The last time oil was $115 a barrel, the average gasoline price was $3.83, not over $5.00. The oil industry is using the war in Ukraine as an excuse for high gas prices, but in reality, they are taking advantage of the situation and hurting American working families.
Scientists are warning us that if we don't act now, the future of our planet will become uninhabitable for our children and future generations. The problem is that politicians are taking bribes from the oil industry and not thinking about the long-term consequences. However, if our politicians stop taking money from the fossil fuel industry, the US could lead the world in breaking our addiction to fossil fuels and doing what's right for the environment.
The issue with gas prices is not just about supply and demand. We have enough supply and demand is not even back to pre-pandemic levels. Wall Street speculation is causing an increase in gas prices. It's important to remember that on April 17, 2020, the price of oil actually went negative, meaning they should have paid you to buy gas!
Monopolies are the reason gas prices are so high. They use inflation as an excuse to price gouge. Inflation is being caused by big corporations, especially oil companies, that have a monopoly on their industries and are able to raise prices. For example, the four major airlines in America have raised their fares by over 20% in the last year because they have a monopoly on the market. This is happening in every industry because there is no competition due to the Bribe System. Half of our inflation is caused by the oil industry, which maintains high prices without competition or regulation. An easy solution is to stop exporting oil and keep it in America, so the oil companies can't make more money by shipping it outside of the country.
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Talking Points Information
Reuters reported on April 30, 2020, in an article titled Special Report: Trump told Saudi: Cut Oil Supply or Lose U.S. Military Support.
The five biggest oil companies reported a total of $59 billion in profits in the second quarter of 2022. The biggest refiner reported that its per-barrel profit margin tripled.