WaPo: Investor response to Biden’s anti-oil policies

NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

image

Yes, we know. So does the White House and Joe Biden, who deliberately set those signals and might have even bragged about their results, had his fantasy energy ambitions come true. Instead, Biden’s blathering about corporate greed, while even normally sympathetic media outlets like the Washington Post are putting two and two together:

The futility of the White House effort came through in the response to letters President Biden sent this week to the nation’s major oil companies, chastising them for squeezing “historically high profit margins” out of their refineries. “At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” Biden wrote. Biden threatened to invoke emergency powers if the companies don’t bring prices down.

The companies are unmoved. The profits follow years of heavy losses at many facilities after demand plunged during the pandemic. Unpredictable…

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