Trump hits roadblock on way to lowering energy prices: report
Source: msn/Rawstory
12h
Oil executives handed President Donald Trump a searing defeat in his effort to lower energy costs for Americans ahead of the midterms, according to a new report.
The Washington Examiner reported on Friday that executives from Exxon Mobil and Chevron said they have no plans to increase production, which could help lower pump prices. Their comments come after Interior Secretary Doug Burgum and Energy Secretary Chris Wright called on oil companies to increase their production earlier this month.
Exxons chief financial officer, Neil Hansen, has said the company has no plans to increase production because it is already operating in "high gear."
At the same time, Chevrons finance chief Eimear Bonner said the company is planning to grow free cash flow, not grow production. You wouldnt expect us to be changing our plans significantly on the back of eight weeks of disruption, Bonner said.
Read more: https://www.msn.com/en-gb/money/other/trump-hits-roadblock-on-way-to-lowering-energy-prices-report/ar-AA22gd3P
WSHazel
(834 posts)He is trying to drain Americans of all their economic resources to help his oil industry supporters.
bucolic_frolic
(55,861 posts)IMHO, which is, BTW, distorted, though YMMV.
SergeStorms
(20,827 posts)of those who make it more profitable for him. He's just about squeezed every penny he can from the MAGA cult, so now it's on to the next sucker, whoever that may be.
GiqueCee
(4,767 posts)... but what is YMMV?
bucolic_frolic
(55,861 posts)Thank you.
The Madcap
(2,045 posts)NoMoreRepugs
(12,235 posts)GiqueCee
(4,767 posts)paleotn
(22,758 posts)"Before the Nov midterms" being key to this calculus. It's all about the votes. Beyond that, he doesn't care if we all die.
dem4decades
(14,397 posts)If gas is cheap his supporters don't give a shit if he pours it all over the Constitution and lights it on fire but if they have to pay a dollar a gallon more they'll revolt. Gas and the stock market, he knows if the market is high and gas is low he's free to go full dictator.
Dr. T
(716 posts)their hero, Dimwit Donnie. They don't care what he says or does until his actions affect them. When that happens, all of a sudden they becomed concerned while desperately searching for a way to blame Biden.
Joinfortmill
(21,684 posts)Dr. T
(716 posts)the oil companies are enjoying record profits. So no, they damned sure ain't gonna' increase production.
There is an environmental upside to higher gas prices. People are driving less so there's a little less crap in the air. Dimwit Donnie is inadvertently helping the environment. Bounce that one off your MAGAt neighbors and coworkers and watch their heads explode.
KS Toronado
(23,883 posts)Would give us an overwhelming majority in the House & Senate IMHO.
Bengus81
(10,380 posts)Just like Bush.IDIOT did except Trump got the price to $4.00 per gallon in Wichita in a flash compared to how long it took Bush.
BumRushDaShow
(172,391 posts)and figured I better get it now before it goes up again (I usually top off when my tank is at half).
dave99
(274 posts)Just FREE PROFIT with NO UPFRONT costs to the oil corps.
AZLD4Candidate
(6,975 posts)I got better news reporting from my beloved Mad Magazine.
BumRushDaShow
(172,391 posts)Sanity Claws
(22,440 posts)He doesn't give a fuck about the people. He is there to help the oligarchs, including the fossil fuel industry.
IronLionZion
(51,562 posts)The supply shortages in other parts of the world are impacting the prices here in the US.
Oil companies are raking in some sweet revenue. So why would they want to increase their costs and lower revenue just to help consumers with lower prices at the pump? Maybe next he'll give them some more tax cuts to trickle down to us.
Nigrum Cattus
(1,356 posts)1) they can't increase production, we are at max
2) they faster they produce the faster they start running out, it's a finite resource.
3) there job is to maximize profit not production, that's why they backed tsf
sakabatou
(46,354 posts)and so was the invasion of Iran.
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