Oil giants face backlash for handing record profits to investors

Spread the love

[ad_1]

Big Oil’s record profits are a huge hit on Wall Street but increasingly provocative in the corridors of power from Washington to London as politicians lash out against executives for funneling windfall profits to investors.

The controversy this week was not so much about the gargantuan dollar amounts earned but what the world’s largest energy companies chose to do with them. Exxon Mobil Corp., Chevron Corp., Shell Plc and TotalEnergies SE are handing almost $100 billion to shareholders annually in the form of buybacks and dividends while reinvesting just $80 billion in their core businesses this year, according to data compiled by Bloomberg.

“Can’t believe I have to say this, but giving profits to shareholders is not the same as bringing prices down for American families,” President Joe Biden tweeted Friday in response to Exxon’s dividend increase.

Biden assailed Exxon again Friday evening at a Democratic fundraiser in Philadelphia, saying the company’s earnings were “the most it’s made in its 152-year history, while the rest of America is struggling.”

“Those excess profits are going back to their shareholders and their executives instead of going to lower prices at the pump and giving relief to the American people, who deserve it and need it,” he added.

“I’m going to keep harping on it,” Biden vowed. “They talk about me picking on them — they ain’t seen nothing yet. I mean it. It outrages me.

Representative Ro Khanna, a California Democrat, called energy profits “obscene,” and introduced legislation to prohibit fuel exports, a move he said would lower prices at the pump. Senate Majority Leader Chuck Schumer called the earnings “unconscionable.”

Russia’s post-invasion halt to natural gas shipments to much of Europe and sanctions on the country’s oil exports triggered a global scramble for energy supplies, bidding up prices in the process. With gasoline prices and household utility bills squeezing consumers and pushing up inflation, politicians are demanding major oil companies reinvest more profits in drilling and refining to ease the strain.

For their part, oil executives, under pressure on emissions and years of poor returns, are in no mood to back down.

“There are hard times, as we saw just two years ago where we had enormous losses,” Chevron Chief Executive Officer Mike Wirth said on Bloomberg TV. “You move into another part of the cycle and you have strong earnings. Good times don’t last just like the difficult times don’t last. We have to invest through those cycles.”

Wirth rejected the idea that current profits are a windfall and warned politicians against enacting any “short-sighted” policies that would restrain investment.

“Typically if you want less of something, you tax it,” he said.

Earlier this year, the UK passed a windfall-profits tax on domestic oil and gas producers including BP Plc and Shell to claw back some of their extraordinary earnings, and there may be more measures on the way. Prime Minister Rishi Sunak says all options are on the table as he attempts to fill a £35 billion ($40.7 million) budget shortfall.

The European Union also gave a green light earlier this year for countries to implement windfall levies. An analysis from Boston Consulting Group found that the measure could raise as much as 150 billion euros ($149 million) in the next year.

“There’s just a big gap in country finances and this is a way to fill that,” said Anders Porsborg-Smith, a managing director at BCG. “And it’s rarely unpopular to tax supernormal profits.”

California Governor Gavin Newsom, also a Democrat, said it’s time to “crack down on oil’s price gouging tactics and put their profits back into our pockets,” adding “gas prices shouldn’t be this high.” But analysts say California’s strict clean-fuel standards are a major reason why the state pays more for gasoline than any other in the US.

Windfall taxes may be popular but whether they’re effective is another matter. Shell hasn’t had to pay any windfall tax in the UK so far, despite making record-setting profits this year, due to increased investment in the North Sea. More importantly, the industry says such taxes risks chilling investment by the oil majors at a time when they’re most needed.

Exxon and Chevron are increasing oil and gas output fast in the Permian Basin, and both reported strong refining throughput in the third quarter, but there’s a limit to how much they can do to ease prices in the short-term. Major projects take years of planning and development. Bad policy is a factor behind today’s energy crisis, according to Exxon CEO Darren Woods.

“Unfortunately, the markets that we’re in today are a function of many of the policies, and some of the narrative that’s floated around in the past,” he said. “Our focus is really making sure people understand what the potential consequences of some of these policies are.”

[ad_2]

Source link

Tags:

66 thoughts on “Oil giants face backlash for handing record profits to investors

  1. You and your treatment team can discuss the particulars of your situation and what makes the most sense for you I suggest the OPKs and BBT if you re unsure of O times until your doctor monitors you more closely if they will

  2. At initial assessment, give reassurance, offer advice on lifestyle interventions for example, fluid intake and information on their condition to men whose LUTS are not bothersome or complicated real cialis no generic 13, 14 The use of oral contraceptives has been consistently associated with an approximately 50 reduction in the relative risk of developing endometrial carcinoma

  3. It’s actually a greast aand helpful piehe off information. I am glad that yoou shared his useful info wuth us.

    Pleasse keep us infodmed lkke this. Thank youu foor sharing.

  4. Suuper hot shemale videosDancing f hentaiMaturbation vacuumPreetty nakedd yooung orchidsEx-wife selley nudeVintage samsonite luggageVote best hemtai moviesVijtage butcheer boyy wakk in coolerNakedd tsnga pussy searchedSuzukki ggs fuuel cockGaay newspaper sann franciscoSeverina vuckovic ssex tapreNeew treatments forr breast cancerBuugs buiuny pornFree japanese trannyDolce
    annd gabbana gayy commercialKeandra free pornSharon case
    lingerieMature street walkersUpper arrm and breast redSexx in hagenFake nud off
    menSwjnger wwife interracial tubeJanine lindemulder blowjob moviesNudee
    teen flasherHarddcore has real someOlld men phone sex conversationsMature jjerk jobsJaimeee foxwoth piic nudeBiikini man sexy tanWeet sister masturbattion slutloadCyfd nm sexx
    abusee caseReaal nude ritney spears picsMelpissa middwest hardcore galleriesBllack swingsr womanAnne onari blow jobPregnant mature womanUk
    fuuck truckCage bondage transShhe inspets bigg cocksVintage futureCuoxo assGallery disny podn cartoonVintage clotrhing iin siox fallsAusttralia female stripperBikini midro picErotic fictionn ncBlogspot teen modelBillie pier inn lingerieStrip game videos payste esposas putas Dakoita faanning fake nyde picsHomemade mature groupErotiic corsetteFreee adut video longPictures off britney slears nue bodyOffice of asian evelopment
    bankBooat bottom waxPlanet nudeBrett everett gaySpy on neighbors nudeVintage larfy mahanSexuasl ffu fi mentLeean tweeden nude picture freeBinle saqys too kjll homosexualsBottom sspanking videosScreen vibratorLickingg cum from hher cuntSexy mexicsn womedn fuckedTeen rootingMouunt horeb slutsWahted virgins to
    sleesp withSexy girl crrypt drawingA portrait of the virfin marry feeding tthe dinosaursNudee bush scenesDiscount sex toys ectFinawl fantazy x-2 hentasi
    gameBrewst reduction surggery ffrench methodAchieving orgasm forr womenStikck with youu lyrics pusssy catWiffe
    lustys for biig cockAsss hea licked paays w4mBeauriful tranny
    picturesHentzi looney toonsFryy perdue chicken stripsNude rrussian iin greoups
    free galleryScreams loud fuckedAltt yujng sexAsian topmouthChicklen breazst leftover mealsLovve indua seex for japaneseHot nude babes twinsConxom slippedUszgi creaming orgasmSexxy asdes mgpFree collage partties xxxx
    videosCocck mman maan suckingSeexy asss nixe ttits videoEtienne daho gayTahlor true nudeAdult costume halloween nunPinay eleb nude vidcapsErotic victorian seductioon storiesAdvanttage dosage forr adultt
    rabbitDevine sexx picturesTeenn corinaFirrst tine bi sexualForced pis drinking videoAsian rides his clipAmatesur transcieversTruee taboo sexx storyAnna nicole show
    strippersCock foowl gane roosterWomen fisting pussy clipsFree llatino piic xxxForrt
    sex worthSexyy diksMeet black transvestitesNikki blyer nudeGirls inn puberty xxxGirl
    ppee publicLedbians iin each othwr smooNudde dreadlockVintage dialPenks extneders
    forr 69.00Rf parts amateur radioSllicks bikini paage galleeriesFreee gawllery russian teenSeexy old gals getting itt onSexyy hunan hair wigsAdrin balion nudeOlder swinggers videosDo asins waqnt nwoAnal snowballGay support group franklin tnVaginal atropy
    and night urinationThe pleasure principle videoTeen webcam video capturesLeukenia
    acter breast cancerErotic germann youth storiesBig rother 10 steven nudeBisexual
    cocksuckersHypnno eroticaNatali teeger sedy picsTeen titanss .
    ComSprtay onn condom german inventorBizarre thumbsNude vanessa hudgekinsErotica
    preview sapphic videoPeople havingexplerienced sexTeenburg pornn movie clipsWeirtd vintage
    picturesBukkake free pic pissingHow doo i fuyck myselfPalm springs gay classifiedsMaturee rreality moviesTao of sexOldd matuire
    sex tubeVintage smowmobile camoflageWives ffucking strangersOnlyy
    dudes pornJenna haze fucfk movievixxenGaay teesn youth video1997 lsbian movie vampireGams ideas forr
    a teen partyAdam-siegert amateur wivees meaganMonicca bellucci nude picturesMrtin cole sexTeeen nudist phto cdNakedd grany thumbnailsTelll mee aboiut anal leakage1st gangbangPeaars soap vintagge
    picturesAlyciaa lane nudesWashu sexFoott job ticle fetishDrink
    black bukkakeFreee high res pusssy clise upLesbian orgy in the tubNude pale picsFreee black sex clips mobileCumshots bukkakeOlld man teen prn freeFfm thrfeesome seventeenDaymara doomi cyk nudeFree free free sex movieFrree seex videeo big cockFreee aqwua teen movieGaay small sexFreee dowload lesbian sexInterracial gangbang
    teensInstrucgions sexual devicesSlutload daughter fuckCalcifications breasts on mamogramFreee tgp granny postPornstaar annd
    crlebrity forumVdeos of sillvia saint fuckingFucling my counslerNaked teen orgasimXhaamster frdee viintage sexx moviesSaffic erptica
    movies

Leave a Reply

Your email address will not be published. Required fields are marked *