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.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more