Oil companies are recording record profits. They really don’t care how much you suffer when you pay them at the pump.
In the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.
Psaki was speaking directly to Fox news’s Doocy when he brought up the same issue.
“There’s no question” the price hikes are a “direct result of the invasion of Ukraine,” Psaki responded. “Federal policies are not limiting the supplies of oil and gas,” she added.
When Doocy interrupted her, Psaki fired back: “Peter, let me give you the facts here. I know that can be inconvenient, but I think they’re important in this moment.”
Biden administration officials have been “clear” about the need for the U.S. oil supply to meet demand while also pushing for a shift to renewable energy sources, she said.
Psaki pointed out that the U.S. is one of the world’s largest producers of oil and gas, noting that oil production in the nation is at “record numbers.”
Meanwhile, there are “9,000 approved drilling permits that are not being used, so the suggestion that we are not allowing companies to drill is inaccurate,” Psaki added. “I would suggest you ask the oil companies why they’re not using those if there’s a desire to drill more.”
TL;DR, Facts can be inconvenient.