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Started By
Message
Occidental Petroleum CEO: California Politicians 'don't understand' Oil Industry
Posted on 12/12/22 at 10:59 am
Posted on 12/12/22 at 10:59 am
quote:
The CEO of Occidental Petroleum struck back at California lawmakers' plans to fine Big Oil firms for raking in outsized profits through soaring prices at the pump.
Speaking at The Wall Street Journal's CEO Council Summit on Tuesday, Vicki Hollub criticized politicians for not understanding the challenges facing the US oil industry.
"I think too many of the politicians just don't understand the industry. They don't understand any industry," Hollub said.
California governor Gavin Newsom unveiled a plan on Monday, calling for a price gouging penalty on oil companies' hefty profits to deter excessive price increases and protect drivers' wallets. "California's price gouging penalty is simple – either Big Oil reins in the profits and prices, or they'll pay a penalty," Newsom said.
California is among US states that faced surging gas costs this year, with prices climbing as high as $5.45 per gallon a month ago. The average California gas price was $4.665 as of Wednesday, according to AAA. Gas prices have seen a modest pullback in step with a recent drop in oil prices, thanks to President Joe Biden's decision to release record amounts of crude from US reserves to help curb inflation.
The Biden administration has been quick to blame Big Oil firms for the cost increases, calling on them to lower the high prices they've been charging drivers at the pump since Russia invaded Ukraine.
However, there are several factors that have pushed gas prices up, according to Hollub. These include supply chain challenges, difficulty for small oil and gas producers to get bank funding for projects, and worker shortages, specially a lack of truck drivers.
quote:
Hollub expects oil to rise in 2023 against a backdrop of such issues. Prices have fallen in the past three to four months partly due to crude releases from US reserves and as recession fears weighed on demand. At last check Wednesday, Brent crude, the global benchmark rose 0.11% to $79.44.
LINK
You're starting to see industry executives speaking out more against false information put out by vote-begging politicians. Pioneer's CEO, Chevron's and now OXY's, amongst others over the past months.
27
Posted on 12/12/22 at 11:00 am to ragincajun03
Why not just stop selling to California?
Posted on 12/12/22 at 11:00 am to ragincajun03
No, they do.
It's on purpose.
They're not stupid. They're evil.
If it was stupidity, they'd accidentally get something right by chance every now and then.
It's on purpose.
They're not stupid. They're evil.
If it was stupidity, they'd accidentally get something right by chance every now and then.
Posted on 12/12/22 at 11:02 am to TheFlyingTiger
They dont want people to have access to cheap energy
They want everything electric because its easier to control that
They want everything electric because its easier to control that
Posted on 12/12/22 at 11:04 am to ragincajun03
quote:
They don't understand any industry," Hollub said.
Posted on 12/12/22 at 11:05 am to TheFlyingTiger
quote:
They're not stupid.
Economics to a Progressive is like Russian language to American toddler.
Posted on 12/12/22 at 11:11 am to ragincajun03
California has the highest gasoline tax in the country. Perhaps that plays some part in what consumers in CA are paying? Hmmmm?
Posted on 12/12/22 at 11:12 am to Bard
quote:
California has the highest gasoline tax in the country. Perhaps that plays some part in what consumers in CA are paying?
Those higher taxes are Big Oil's fault too!
This post was edited on 12/12/22 at 11:13 am
Posted on 12/12/22 at 11:13 am to ragincajun03
shocking revelation
Posted on 12/12/22 at 11:15 am to ragincajun03
All Oil companies should remove all fuel from California and see how it will affect them. The Lawmakers tune will change real quick.
Posted on 12/12/22 at 11:20 am to ragincajun03
That's socializing the oil industry under another name. It's Californias ultimate goal.
Let private company operate, "fine" private company, take profits from private company, redistribute as they see fit.
Let private company operate, "fine" private company, take profits from private company, redistribute as they see fit.
Posted on 12/12/22 at 11:42 am to ragincajun03
It’s pretty obvious that many don’t understand very much outside their comfort zones.
For example, look how many will get up and speak on guns, gun functions, and parts and have zero clue what they are even talking about.
For example, look how many will get up and speak on guns, gun functions, and parts and have zero clue what they are even talking about.
Posted on 12/12/22 at 11:43 am to ragincajun03
Taxpayers should forcibly remove all petroleum products from politicians who vote for these draconian measures.
Posted on 12/12/22 at 11:45 am to ragincajun03
quote:
California lawmakers' plans to fine Big Oil firms for raking in outsized profits
I'm sure Apple is on deck.
Posted on 12/12/22 at 11:46 am to ragincajun03
It's a signal to oil companies....some of us lawmakers NEED year end bonuses.
Posted on 12/12/22 at 11:48 am to RogerTheShrubber
quote:
They don't understand any industry," Hollub said.
The only thing commies ever made that worked was the AK-47
They had to starve millions to do it, but man that thing's great.
Posted on 12/12/22 at 11:49 am to TheFlyingTiger
quote:
The only thing commies ever made that worked was the AK-47
They had to starve millions to do it, but man that thing's great.
And its still inaccurate.
Posted on 12/12/22 at 11:50 am to ragincajun03
quote:
"California's price gouging penalty is simple – either Big Oil reins in the profits and prices, or they'll pay a penalty," Newsom said.
Except for the inconvenient fact that oil companies don't set gas prices. Oil is a commodity, priced by the market.
Posted on 12/12/22 at 11:52 am to AllDayEveryDay
quote:
That's socializing the oil industry under another name. It's Californias ultimate goal.
Will be the first socialist state when the demographics get slightly more in their favor.
Its close now.
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