Big Oil Thinks We Are Stupid and They Are Right

Most Americans are unlikely aware that “Big Oil” continues to receive tax subsidies. For decades, the most corrupt corporations in America have made fools of our people and our government to ensure profits in the hundreds of percentiles.

The government, mainstream media, and economic “experts” are calling the current situation in America “inflation.” It is not. This is a greedy effort by major corporations which is causing great harm to the majority and will eventually be the root cause of another recession. All societies founded on capitalism rely on consumer spending. This necessity is in decline.

I do not claim to be an expert on our nation’s economy. However, I have lived in America for more than 76 years and watched decades of changes that prove America is now a plutocracy rule by the rich. They control our government and everything that happens in the daily lives of all Americans. We are not experiencing inflation; this is “greedflation.”

Big Oil has not significantly increased production for many years, although they have received undeserved drilling rights in pristine wilderness areas across the nation. They have not built a new refinery in more than 30 years. However, they are raping Americans at the pump every day.

Exxon’s oil and gas production was up about 4% from the same period last year. Chevron’s oil-and-gas production declined globally about 7.4% compared with the same period a year ago, largely due to the end of projects in Thailand and Indonesia, though its production rose in the U.S. by about 3.2%.

These companies will do anything to prevent even a slight decline in their bloated profits. These corporations cannot claim to be American; they are capitalists first and to hell with the American people.

The three largest Western oil companies—Chevron, Exxon, and Shell—made a record $46 billion in total profits last quarter, the Wall Street Journal reports. Exxon alone recorded an all-time high of $17.9 billion in profits during the second quarter, which was more than four times as much as it made during the same period last year.

President Joe Biden has accused oil companies of profiteering. As he wrote in a letter to oil executives last month, “At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.” He is not wrong.

As early as 2009, just after President Barack Obama’s first inauguration, Democratic Congressmen Chris Van Hollen of Maryland and Ed Markey of Massachusetts proposed a national green bank to spur investments in climate-friendly energy as part of the American Clean Energy and Security Act. It barely passed in the House, but Moscow Mitch McConnell refused to allow a vote in the Senate. The ‘party of no’ struck another victory for special interests, in this case, Big Oil.

Today the ‘Inflation Reduction Act’ is before Congress. This is a renewal of the 2009 proposal, and if passed, it could change the direction of America’s energy strategy for decades. It is supported by not only Senate Majority Leader Chuck Schumer but also on again off again Democrat from West Virginia Joe Manchin.

For generations, the petroleum industry made fools of the American people and its government. Their business has been a dying industry since day one. The supply of crude and natural gas is in decline and is not reusable. Therefore, its goal is to rape the American people for every dollar we have whenever they are able. None of these corporations have become involved in new energy projects which will make America economically independent for generations to come. Once again, it’s time for a change. Many of our nation’s problems are directly related to one industry, including climate change.

By James Turnage

Sources:

Mother Jones: While Americans Stare Down a Recession, Oil Companies Are Making Record Profits; by Noah Lanard
Daily KOS: If the Inflation Reduction Act passes, the U.S. will finally get a federal green bank; by Meteor Blades

Featured and Top Image by Walter Siegmund Courtesy of Wikimedia – Creative Commons License
Inset Image Courtesy of CGP Grey’s Flickr Page – Creative Commons License