August 01, 2022 01:46 PM UTC

Reminder: Blame Oil and Gas Companies for High Gas Prices

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• by: Colorado Pols

Back in March, we wrote in this space a detailed explainer about WHY gasoline prices were so expensive. The truth of the matter is very simple: Gas prices hit record high levels this summer BECAUSE oil and gas companies chose to prioritize shareholders by focusing on higher profits instead of increased production. Most Americans, by the way, understand this reality.

The problem of high gas prices isn’t because of President Joe Biden, or Gov. Jared Polis, or drilling regulations at a local, state, or national level. Gasoline is so expensive because oil and gas companies want it to be really expensive. 

As The New York Times reports, oil and gas companies are laughing all the way to the bank while industry shills and their Republican buddies point fingers in every other direction:

Exxon Mobil and Chevron, the two largest energy companies in the United States, said on Friday that profits rose to record levels in the second quarter as they continued to reap the benefits of soaring oil and gas prices.

Exxon reported income of $17.9 billion for the three months through June, more than three times what it earned in the same quarter a year ago. Revenue at the energy giant jumped to $115.6 billion, from $67.7 billion a year ago. Chevron’s performance was similar, with profit more than tripling to $11.6 billion as sales rose to $65 billion, compared with $36 billion a year ago.

Coming after oil prices nearly doubled from a year ago, the results were expected, but Exxon and Chevron still beat analysts’ predictions for profits in the quarter. The results mean that five of the biggest Western oil companies — including Britain’s BP and Shell, as well as France’s TotalEnergies — are likely to have generated some $60 billion in earnings for the second quarter. [Pols emphasis]

Colorado Republicans were almost gleeful about the rise in gasoline prices when they held that ridiculous press conference outside a gas station last fall, believing that voters would blame Democrats for problems at the pump. Congressman Ken Buck (R-Greeleyish) brayed about gasoline prices on Twitter just a few weeks ago.

Oil and gas companies will likely reward the GOP this fall by spending big money in an effort to elect more Republican parrots like Buck. Convincing voters to ignore the headlines about their record profits is going to be an expensive undertaking; it’s a good thing for them that they have so much extra money.