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U.S. Elections

Big Oil sees record profits under Biden, Trump promises to take them higher

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Since President Joe Biden assumed office three and a half years ago, oil and gas companies experienced unprecedented profits and production levels. Between 2021 and 2023, the industry amassed over $250 billion, a 160% increase compared to the first three years of former President Donald Trump’s administration.

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This surge in profits is not necessarily attributable to the current administration’s policies; several external factors significantly influenced the industry.

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Russia’s invasion of Ukraine disrupted global oil supply chains. At the same time, post-pandemic recovery spurred a sharp increase in travel, driving up demand for oil. Additionally, advancements in oil production technologies enhanced output capabilities.

As these developments unfold, former President Trump has been actively engaging with oil executives, promising to further bolster the industry’s success. He proposed a rollback of many of Biden’s environmental regulations that currently restrict industry operations. In exchange, Trump reportedly asked oil companies to contribute $1 billion to his 2024 reelection campaign.

This alleged quid pro quo arrangement prompted Senate Democrats to launch an investigation, though Trump’s team defended the former president’s position. A campaign spokesperson stated that Trump “is supported by people who share his vision of American energy dominance.”

While Trump assures oil companies of even greater profitability, Biden urged industry executives to pass on some of their record-setting revenue to consumers.

The president said that if oil companies transferred their “outrageous profits” to Americans, then “the price of gas would come down around an additional 50 cents.”

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[JACK AYLMER]

IF YOU HAD TO GUESS… 

[DONALD TRUMP]

“It’s called drilling for oil or as I call it, liquid gold.”

[JACK AYLMER]

OUT OF THESE TWO]

[JOE BIDEN]

“There is no more drilling.”

[JACK AYLMER]

WHICH DO YOU THINK THE OIL INDUSTRY WOULD MAKE MORE MONEY UNDER?

WELL, THE ANSWER MIGHT NOT BE WHAT YOU’D EXPECT.

SINCE BIDEN TOOK OFFICE NEARLY FOUR YEARS AGO, OIL AND GAS COMPANIES HAVE SEEN RECORD PROFITS AND RECORD PRODUCTION.

RAKING IN MORE THAN 250 BILLION DOLLARS BETWEEN 2021 AND 2023.

THAT’S A 160 PERCENT JUMP COMPARED TO THE FIRST THREE YEARS OF TRUMP’S PRESIDENCY.

OF COURSE, IT’S NOT NECESSARILY BECAUSE OF THE CURRENT ADMINISTRATION’S POLICIES.

RUSSIA’S INVASION OF UKRAINE, A POST-PANDEMIC SURGE IN TRAVEL, AND NEW OIL PRODUCTION BOOSTING TECH HAVE ALL PLAYED A PART.

WE’VE TALKED ABOUT THESE FACTORS AT STRAIGHT ARROW NEWS BEFORE – AND HOW IT’S ALL LED TO A SURGE IN OUTPUT.

MEANWHILE, TRUMP IS COURTING BIG OIL EXECUTIVES.

WORKING TO SELL THEM ON A PROMISE THAT HE CAN TAKE THEM TO EVEN GREATER HEIGHTS-

REPORTEDLY COMMITTING TO END MANY OF BIDEN’S ENVIRONMENTAL RULES RESTRICTING THE INDUSTRY.

IN EXCHANGE, TRUMP HAS TOLD OIL COMPANIES HE WANTS THEM TO RAISE A BILLION DOLLARS FOR HIS 20-24 RE-ELECTION BID.  

SENATE DEMOCRATS HAVE LAUNCHED AN INVESTIGATION INTO THIS ALLEGED QUID PRO QUO STYLE DEAL-

BUT TRUMP’S TEAM HAS DEFENDED HIS POSITION.

A CAMPAIGN SPOKESPERSON FOR THE FORMER PRESIDENT SAYS TRUMP IS SUPPORTED BY PEOPLE WHO SHARE HIS VISION OF AMERICAN ENERGY DOMINANCE.

AS TRUMP TELLS OIL COMPANIES HE’LL MAKE THEM EVEN MORE PROFITABLE-

BIDEN HAS URGED EXECS TO PASS ON THE RECORD-SETTING REVENUE TO CONSUMERS.

[JOE BIDEN]

“The outrageous profits they’re making today. And if they passed the rest on to the consumers, the price of gas would come down around an additional 50 cents.”

[JACK AYLMER]

FOR MORE STORIES ABOUT HOW THE ENERGY SECTOR COULD IMPACT THE UPCOMING U.S. PRESIDENTIAL, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER – TO STAY INFORMED.