Another Biden 'I did that" moment on energy price

UPI:

Aramco, the largely state-owned Saudi oil company, reported a 90% surge in second-quarter profits on Sunday.

Aramco reported $48.4 billion net income for the three-month period ending in June, thought to be one of the largest quarterly profits in history.

The quarterly earnings were up nearly double from its $25.5 net income during the same period last year and above analysts’ expectations of $46.2 billion.

It also reported half-year net income of $87.9 billion, widely surpassing other major oil companies including ExxonMobil, Chevron and BP.

The Saudi Arabian government holds a 95% stake in Aramco and will take the majority of an $18.8 billion dividend set to be distributed before the end of October.

The company cited strong market conditions as a driving factor behind the earnings boom as oil prices rose as high as $130 per barrel earlier this year.

“Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry,” Aramco President and CEO Amin Nasser said.

...

This is one of the results of Biden's limiting US production in offshore sites and in places like Alaska.  It is a reflection of his idiotic energy policies that reduce US production and import oil instead.  It is the main reason the price has gone up from what it was during the Trump presidency.

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