$5.09 in Columbus, Ohio.....where is the breaking point?
(media.greatawakening.win)
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The oil companies were making more money when Trump was in office, once you factor in inflation.
Do you really believe the MSM and Biden Administration narratives which blame the oil companies for not pumping empty oil fields even drier due to their "incessant greed," rather than because there's little profit in it?
If Biden hadn't signed Executive Order 13990 his first day in office, which put an immediate stop to oil production in Alaska and off-shore in the Arctic Circle, it would be a completely different story. Oil would probably be around $50-75 a barrel tops, even after being adjusted for inflation.
You’re definitely right, Trump’s policies took away the illusion of energy scarcity which supported higher energy prices.
Biden, with the stroke of a pen, returned the world to the illusion of energy scarcity. Maybe I’ve missed it, but I haven’t heard big oil loudly complaining about it. And why should they when they can make healthy profits with less effort?
Big government favors big business. I’m not saying there is collusion. But big businesses have the resources to use government regulation to its advantage. Meanwhile small businesses are crushed.
2017 - Exxon profits surge 122%, ending two-year slump
Exxon (XOM), the world's largest public oil company, revealed on Friday that profits more than doubled to $4 billion during the first three months of 2017.
Stronger oil prices allowed Exxon to book $2.3 billion in profits in the division that pumps oil and gas out of the ground. That's a vast improvement from a loss of $76 million a year ago.
https://money.cnn.com/2017/04/28/investing/exxon-earnings-double-oil-prices/index.html
Archived link- https://archive.ph/3MbEj
That $4,000,000,000 in 2017 would be $4,516,189,416.24 in 2022, adjusted for inflation.
2022 - Exxon profits surge despite $3.4B hit from Russian exit
Exxon Mobil reported $5.48 billion in profits during the first quarter as oil and gas prices rose steadily, more than doubling its profits compared with the same quarter last year.
But the oil giant took a huge hit as it abandoned its Russian operations due to the war, writing down $3.4 billion.
Including that loss, the oil giant reported profits of $1.28 per share Friday, which was well below expectations of analysts polled by Factset, who were looking for $2.23 per share.
The price of oil climbed steadily during the first quarter after Russia invaded Ukraine, sending European countries which rely heavily on Russia for energy and others scrambling to find alternative sources for fuel. A barrel of the U.S. benchmark crude rose from $76 to nearly $130 per barrel before ending the quarter at $100, and drivers were filling up with increasingly expensive gasoline.
Natural gas prices rose too, climbing from $3.50 per million British thermal units to about $5.60, inflating home heating bills and electricity prices.
https://news.yahoo.com/exxon-profits-surge-loses-billions-111857351.html
Archived link - https://archive.ph/1E59P
If it wasn't for natural gas production in Alaska, which Biden's Executive Order 13990 doesn't affect, Exxon likely would have taken a big hit to profits in 1Q 2022, despite the increase in crude oil prices.
ExxonMobil’s Point Thomson reservoir
The Point Thomson reservoir holds an estimated 8 trillion cubic feet of natural gas and 200 million barrels of natural gas condensate, a high-quality hydrocarbon similar to kerosene or diesel. Point Thomson gas represents about 25 percent of known gas resources on the North Slope.
ExxonMobil brought Point Thomson online in April 2016 with production facilities designed to produce and reinject (cycle) 200 million cubic feet per day of gas and produce up to 10,000 barrels per day of natural gas condensate. The condensate is transported by a 22-mile pipeline which connects into the Trans Alaska Pipeline System.
This phase of Point Thomson development establishes critical infrastructure and provides the experience and learning for current and future Point Thomson development. Lessons gained from this high-pressure gas condensate cycling project on the North Slope will be key to helping unlock Point Thomson’s potential.
During operations, onshore facilities recover natural gas condensate from the reservoir located primarily offshore, using proven long-reach drilling technology. Two injection wells work in tandem with a production well, cycling up to 200 million cubic feet of natural gas per day through an onsite central processing facility. Condensate is then transported by pipeline and gas reinjected for future recovery. Building Point Thomson facilities required extensive onsite infrastructure to minimize the development footprint.
https://corporate.exxonmobil.com/Locations/United-States/Alaska/ExxonMobil-Point-Thomson-reservoir#PointThomsonneighbors
Archived link - https://archive.ph/F8SQ3