Inflation at the Pump, or Price Gouging? You Tell Me

Americans are beginning to see the truth. The petroleum industry is owned by greedy men and women who have no interest in the safety and welfare of the people of our planet while celebrating outrageous and undeserved profits. The claim is that our country is facing inflation. The evidence proves that the reason for high prices at the pump is price gouging. Not a single new refinery has been built in more than 30 years. Almost nothing has been spent on repairs or updating their current equipment.

Although big oil is one of the most profitable corporations in the world, it continues to receive “incentives,” better known as “tax breaks,” from the federal government. In other words, you are not only paying high prices for your car’s gas, but you are also contributing to their profits with your taxes. It appears that something is wrong with this picture. The plutocracy is hard at work, attempting to convince consumers that inflation is to blame for what is actually their greed.

Exxon Mobil, Shell, and other companies known as “big oil,” continue to experience an increase of billions of dollars as the average American family is struggling. The benchmark for global oil prices, Brent crude, averaged at $102.23 a barrel during the first quarter – 67% higher than during the same period last year, according to the Associated Press. In the United States, for example, drivers have consequently found increasingly expensive gas prices at the pump.

Price gouging will harm the industry in the long run. American consumers are embracing vehicles of all types not powered by fossil fuels. Although electric and hybrid vehicles are initially more expensive, lowered operating costs more than compensate for the difference. I need not point to the fact that each electric vehicle removes one of the largest polluters and the main cause of climate change.

Exxon Mobil’s increase in the billions of dollars is demonstrative of how profitable it is to be an oil company in America. These profits increased although they no longer partner with Russia because of the invasion of Ukraine. I can’t help but think about what might have changed if Trump had won the 2020 election, and Rex Tillerson had remained the Secretary of State.

Tillerson was the CEO of Exxon prior to his nomination for Trump’s cabinet. Not only did he and Vladimir Putin sign billion-dollar contracts related to the supply of petroleum, but they were also close friends. Putin awarded Tillerson Russia’s highest award possible for a civilian non-Russian. Would Tillerson have supported the people of Ukraine or his close friend, the President of Russia?

Big oil is increasing production, which should lower costs, but the process appears to be intentionally slow.

Now for your laugh of the day. A representative of big oil claims that the criticism of the industry is “unfair.” However, when you read his lies, you will be forced to laugh at his feeble attempt to defend the greediest corporations in the world.

“Obviously we hear a lot about the level of profitability for the industry,” he said. “But remember this industry lost a lot of money over the last 5, 6, 7, 10 years. And so, if you look at it on a ten-year basis, the industry is still just moving its head above break even.”

“The truth lives here,” and not once has the petroleum industry lost a dime. Their recorded profits have steadily increased over the last four decades.

Laugh because you must, but think about the fat, old, white men who are laughing all the way to making another huge deposit in their offshore accounts every time you put the pump handle into your vehicle and pull the trigger.

Op-ed by James Turnage

Sources:

NPR: Big Oil Exxon Earnings Gasoline Prices Crude
USA Today: Oil Company Record Profits 2022

Top and Featured Image Courtesy of Jasmin Chris Yarzab’s Flickr Page – Creative Commons License

Inset Image Courtesy of Joe Goldberg’s Flickr Page – Creative Commons License

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