The Biden caliphate is at it again. Biden is now saying that if oil companies want to be patriotic, they must lose money on the product they sell. Notice he does not say the same thing about pharmaceutical companies. Biden has made them rich and I guarantee you, the number of large contributions from those companies will set an all-time record to the Democratic party and not just because of the experimental vaccines that have led to record profits.
President Trump lowered diabetes medication through an executive order to a maximum copay of $35.00 dollars. Resident Joe Biden did away with that savings and a three-month supply of Trulicity 4.5 now costs $550.00. He’s treating drug companies like they were China or Iran. How much money do you suppose the drug companies made on that boondoggle? (Full disclosure: I have been prescribed Trulicity 4.5) Thank you, creepy Uncle Joe’s handlers.
Biden wrote in a letter (with crayon):
“At a time of war – historically high refinery profit margins being passed directly onto American families are not acceptable.”
″[C]ompanies must take immediate actions to increase the supply of gasoline, diesel, and other refined product.”
(Oil companies must) “all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term.”
But, do oil companies make a huge profit on high gas prices? Let’s see how many company-owned gas stations there are:
| Company | Branded Stations | Company-Owned |
|---|---|---|
| Exxon Mobil Corp. | 11,000 | 0 |
| Shell Oil Co./Motiva Enterprises LLC | 25,000 | 211 |
| Chevron Corp. | 8,000 | 0 |
| BP North America | 7,000 | 0 |
| ConocoPhillips/Phillips 66 | 6,000 | 0 |
| TOTAL | 57,000 | 211 |
How much money did oil companies make in 2020 when oil was 42 dollars a barrel?
| Company | 2020 net income (crude oil averaged $42) |
|---|---|
| Exxon Mobil Corp. | -$22 billion |
| Shell Oil Co./Motiva Enterprises LLC | $5 billion |
| Chevron Corp. | -$6 billion |
| BP North America | -$6 billion |
| ConocoPhillips/Phillips 66 | -$3 billion |
| TOTAL | -$32 billion |
And what were the record profits in 2021?
| Company | 2021 net income (crude oil averaged $71) |
|---|---|
| Exxon Mobil Corp. | $23 billion |
| Shell Oil Co./Motiva Enterprises LLC | $19 billion |
| Chevron Corp. | $16 billion |
| BP North America | $13 billion |
| ConocoPhillips/Phillips 66 | $8 billion |
| TOTAL | $79 billion |
Additionally, Biden demands that oil companies increase the production and refinery of oil products. How do they do that? No new refineries have been built since 1977 and many that were operational then have been shuttered due to Democratic regulations and others just because they were just plain too old. Biden closed down pipelines and pulled the sale of oil and gas leases. He is blaming oil companies for his actions. Don’t be fooled by his rhetoric.
