Biden blackmails oilmen into helping him win the election

US President Joe Biden.

US President Joe Biden.

A photo: REUTERS

A week before the midterm elections, in which the Democrats, by most polls, are guaranteed to lose their majority in the US House of Representatives and have a good chance of taking control of the Senate, the President Biden turned on his “admin resource” to the fullest. One of the main threats to the position of the Democrats are the ever-rising fuel prices and, as a result, high inflation. So the owner of the White House decided to publicly rein in the presumptuous oilmen.

Biden said yesterday, as the magazine reported Newsweekthat they have only two options: either energy corporations will increase the extraction and production of fuel, which should bring down energy prices, or they will have to pay additional taxes on excess profits. Indeed, the net profit Exxon Mobil for 9 months of 2022 amounted to $44.522 billion an increase of 3 times compared to the same period last year! So who needs, and who is not enough money.

It is a matter of taking away, because in order to increase the production of energy carriers, companies need to increase investments and reduce dividends. How else? In a purely Marxist way, the head of the leader of the capitalist world called on the oil corporations to act “outside the narrow self-interest of their shareholders.” And, most touchingly, Biden also revealed the reason for their greed: they are cashing in, according to Newsweek, “from the Russian-Ukrainian conflict, due to which gas prices have skyrocketed since February.” Well, in order to completely convince the Stakhanovites of superprofits – the exhortation supplemented a harsh warning to severely punish with a dollar and something else.

Immediately, American experts interviewed by Newsweek strongly doubted the wisdom of their president’s decision. The windfall tax will obviously be interpreted by oil companies as an increase in production costs, which may backfire – a reduction in domestic oil production. Journal leads opinion Patrick De Haan Gas Buddy analyst: “This is an extremely bad idea that is almost guaranteed to curb the desire to increase oil production and refining capacity and lead to even greater price increases in the coming years.”

One cannot fail to see Biden’s threat to the oilmen as an attempt to shift the blame from one’s own head to someone else’s. Let’s not even argue about the “Russian-Ukrainian conflict”, which instantly orphaned the entire West – let them continue to sell it to their voters until they are tormented by “vague doubts”. Just remember what Biden himself promised the Americans when he fought for the presidency two years ago. In the debate with Trump, he clearly outlined his course: if he wins, he will move the United States to renewable energy sources and will reduce subsidies to American oil workers. And, having occupied the White House, he tried to fulfill these promises. Recently, the “traditional” energy companies have not received hundreds of billions of dollars needed for investment in exploration and production of minerals in the future.

So the main reason for the current energy crisis in the United States is the erroneous policy of Biden himself. Oil companies, long put on dry financial rations, eagerly began to replenish income in the face of a sharp rise in energy prices. And now Biden is going to blow fat off them to please the voters. At the same time, as the same Newsweek writes, citing some experts, the money taken from the oil companies from their current windfall profits can be used to finance renewable energy sources. That is, oil and gas companies will be buried for their own money.

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