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Wooden-Importance

"Oil giants rake in steep profits amid high energy prices" "Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income." "Chevron had $11.23 billion in profits, almost reaching the record profits it attained last quarter..." [https://abcnews.go.com/Business/wireStory/oil-giant-exxon-rakes-record-1966b-profits-92277087](https://abcnews.go.com/Business/wireStory/oil-giant-exxon-rakes-record-1966b-profits-92277087)


Ok_Magician_1194

Correct, Biden cut US production to make the price of oil higher. Then Big Oil raked in record profits, thanks to Biden and Democrats


Wooden-Importance

How did Biden cut US production? Isn't that up to the CEO's of the oil companies? I'm all for blaming someone, but I don't see how Biden controls the prices set by oil companies. The oil companies are price gouging the people. Did Exxon really need to make $20 Billion in ***profits*** in 3 months?


Ok_Magician_1194

>How did Biden cut US production? "In intimate moment, Biden vows to ‘end fossil fuel’" https://apnews.com/article/9dfb1e4c381043bab6fd0fa6dece3974 "Biden suspends oil and gas leasing in slew of executive actions on climate change" https://www.cnbc.com/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html "Biden suspends Trump-era oil drilling leases in Alaska’s Arctic refuge" https://www.theguardian.com/us-news/2021/jun/01/biden-suspends-oil-drilling-leases-alaska-arctic-refuge-trump-era "Why Biden energy policies have contributed to surging oil prices" https://nypost.com/2022/03/09/why-biden-energy-policies-have-contributed-to-surging-oil-prices/ "US federal oil and gas leasing hits historically low levels Sept. 11, 2022 Under Biden, leased acreage at lowest levels since 1940s." https://www.offshore-mag.com/regional-reports/us-gulf-of-mexico/article/14282603/us-federal-oil-and-gas-leasing-hits-historically-low-levels


Wooden-Importance

U.S. Crude Oil Production - Historical Chart [Link](https://www.macrotrends.net/2562/us-crude-oil-production-historical-chart) Yes, production went down during COVID, but that was the oil companies because there was lower demand. Why would oil companies produce more oil when they can keep production low and make $20 Billion in profit every 3 months.


PhilipSeymourTossman

Companies were paying for others to take their oil because the cost to store it was more than it's value at the time. ...but it's because of Biden and not the obviously less demand during Covid... Who actually falls for propaganda this bad? We were all there... If you're going to lie about something make it something that we didn't all see on a daily basis only a couple of years ago.


Ok_Magician_1194

Wrong. US production is down, hasn't recovered at all since pandemic. The chart is in the bottom left of post infographic. Here's data: https://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbbl_m.htm


Wooden-Importance

I didn't say production was up. The oil companies lowered production at the start of COVID as shown in you post (under Trump BTW). Then when demand went back up, they didn't increase production. They just increased price. Now they are making record profits and instead of calling that out, you jump right to "It's all Biden's fault". The people that try to blame EVERYTHING on Biden are no better than the people that tried to blame EVERYTHING on Trump. The fact is that Presidents have very little control over the price of oil. This is all about corporate greed. Not politics.


Ello_Owu

Where does this fit into this? On 8 March 2020, Saudi Arabia initiated a price war on oil with Russia, facilitating a 65% quarterly fall in the price of oil. In the first few weeks of March, US oil prices fell by 34%, crude oil fell by 26%, and Brent oil fell by 24%.


Ok_Magician_1194

That was back when US was drilling and producing max oil


Ello_Owu

Back in 2020? And with in 2 years biden waved a magic wand and did sway with all of that? May I see the legislation you're basing this off of?


MBloomberg

These people are fleeing their disastrous policy positions as fast as they possibly can. Fetterman just openly lying about his stance on fracking. Politicians in crime ridden areas pretending like they didn't support defund and bail reform. Biden trying to gaslight you into believing that killing thousands of leases and pipelines had no effect on prices. At this pace I expect some mainstream Democrats to become global warming skeptics at any moment, they can't get away from the stink of their bad policies fast enough


BSOFH-LO9C

I would love to blame Biden but I doubt he can be blamed for the massive (~175 Mt) drop in Europe oil production since 2000. Or, the drop (~125 Mt) in Latin American oil production. Or, the drop (~100 Mt) in Africa oil production. (Pacific is down too but hardly worth noting.) As oil production has been going down, need has been going up which leads to acceleration of economic woes. Go play with the charts (they're interactive): https://yearbook.enerdata.net/crude-oil/world-production-statistics.html


Ok_Magician_1194

What did Biden mean when he vowed to end fossil fuel?


Ok_Magician_1194

SS: Biden and Democrats enriched Russia and Saudis. Your green dreams are a WEF fantasy. You've made us all poor for zero reason. China will continue unlimited CO2 emissions and raise global CO2 emissions every year indefinitely. "In intimate moment, Biden vows to ‘end fossil fuel’" https://apnews.com/article/9dfb1e4c381043bab6fd0fa6dece3974 "Biden suspends oil and gas leasing in slew of executive actions on climate change" https://www.cnbc.com/2021/01/27/biden-suspends-oil-and-gas-drilling-in-series-of.html "Biden suspends Trump-era oil drilling leases in Alaska’s Arctic refuge" https://www.theguardian.com/us-news/2021/jun/01/biden-suspends-oil-drilling-leases-alaska-arctic-refuge-trump-era "Why Biden energy policies have contributed to surging oil prices" https://nypost.com/2022/03/09/why-biden-energy-policies-have-contributed-to-surging-oil-prices/ "US federal oil and gas leasing hits historically low levels Sept. 11, 2022 Under Biden, leased acreage at lowest levels since 1940s." https://www.offshore-mag.com/regional-reports/us-gulf-of-mexico/article/14282603/us-federal-oil-and-gas-leasing-hits-historically-low-levels


KobeOnKush

You’re kind of making a good argument to get off fossil fuels here lol


ultimatefighting

People blaming the oil companies. Once again, is government. Government has blatantly threatened their existence.


realhighstonerguy

The US is currently producing more barrels of crude oil a day now than what we did in 2016, 2017, 2018, 2020, 2021. Then in 2020, before Biden was in office, we has the biggest drop in production in US history. Now we are back to producing, again, more than we were in 2016, 2017, 2018, 2020, 2021.