As Biden ran for office, and as soon as he took office, he set out to destroy the oil industry. That is what the green pushers are doing, including John Kerry at COP 28.
This sent the message to OPEC, Russia, and oil traders that there would be less competition and supply, which this sent the prices soaring.
When Biden was elected, the price of crude oil was around $40. It got up to a high of $106, up over 150%, and now it is around $71, or still up 75%.
Crude oil is used in over 6,000 products, so that directly affects the costs of all those products. Energy prices affect everything.
So yes, Exxon made a lot more money, but it is Biden’s regulatory policies and goals that caused it to make that money, not greed, which is what this article is meant to imply.
If Exxon and other American oil companies were greedy and could control the world price, they would have never let it fall to $19 in April of 2020.
New report shows the real culprit behind high prices and inflation
Exxon, for example, reported earnings of $14.3 billion in 2019, before the pandemic and the inflationary environment that followed. The company reported earnings of $55.7 billion for 2022.
Biden is also issuing regulations as fast as he can, which also contributes to inflation. Trump worked hard to reduce and limit regulations, which kept inflation low and allowed for rising real wages.
It is truly sad when the business media, along with most of the media, have become an appendage of the Democrat party.