A White House spokesperson has accused oil majors of plowing profits back into the pockets of executives instead of boosting production.
I understand why the White House would do this, but these attacks are disingenuous. Chevron can walk and chew gum at the same time.instead of
The White House response is part of an ongoing war of words with the oil and gas industry. If blame can be shifted to oil companies for high energy prices, then perhaps people won’t be so upset with the Biden Administration. In reality, that’s a big reason the administration engages in this behavior. But, they have also demonstrated some level of ignorance about how the oil and gas industry works, so that may be at play as well.Consider this.
The Biden Administration is demanding more supply, and oil companies are complying. Instead of acknowledging this, the administration complains and pretends they aren’t actually increasing supplies. For that matter, many of Chevron’s shareholders aren’t wealthy at all. Many retirement accounts hold Chevron shares, so ordinary people trying to save for retirement also benefit from these stock buybacks. But the Biden Administration always frames this as a giveaway to wealthy executives and shareholders.