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

[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.