Tuesday, May 28, 2024

Who’s responsible for high fuel costs?

| March 14, 2023 1:00 AM

Who’s to blame for the high fuel prices?

Not the president, according to USA Today. It’s Big Oil. The companies already reporting 2022 profits — Exxon-Mobile, Chevron, Shell, BP, and TotalEnergy (French) — earned almost $200 billion with Exxon-Mobile leading the way with $55.7B. E-M gained $22B in 2021 but did lose $22B.

Who profited?

Shareholders with dividends and executives, not consumers. These profits are despite the windfall taxes the E.U. and the U.K. imposed to aid consumers struggling with energy costs. These companies also deducted the 2022 write-offs on their exit of investments in Russia. I won’t address why Sandpoint’s regular gas is at least .30 cents more than Coeur d’Alene.