Good day all. As anyone who drives can see, energy prices are way above what they were in 2020 and are once again climbing. The bumbling idiot, Dementia Joe Biden, has been draining the Strategic Petroleum Reserves, (SPR), in an attempt to get prices down.
Like everything else President* Bumbles Dementia Biden does, it has failed miserably. The reserve needs to be refilled, and prices are climbing back up. The reasons for this can be laid at the feet of Joe Biden and his War on Energy. This blithering idiot, since day one of his maladministration, has done everything he can to stop oil production the United States. Now, instead of recognizing and correcting his error. Dementia Joe is threatening the oil companies. Here are the details from CNBC:
President Joe Biden threatened Monday, (October 31st), to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices.
Biden has criticized oil companies that have made record-high profits as consumers struggle to keep up with high gas prices. The price of a gallon of gas was $3.76 on Monday, according to AAA, down from a record of over $5 in June but still higher than a year ago.
About those profits. They are never what progressives, Socialists, Communists or Joe Biden think they are.
“Their profits are a windfall of war,” Biden said, referring to Russia’s war in Ukraine, which prompted Western sanctions that reduced oil supply. “It’s time for these companies to stop their war profiteering.”
So that mental midget is blaming Russia for his own stupidity and incompetence? Check! Now his “Brilliant idea” on how to fix things.
“If they don’t they’re going to pay a higher tax on their excess profits,” he said.
Never let it be said that Joe Biden is unable to double and triple down on stupid. he excels at it. The Windfall Profits Tax was something that was tried the last time energy prices skyrocketed, and it was an utter and complete disaster. The oil companies simply stopped production causing major shortages. He’s also going to have a lot of problems with Congress since they’re the ones who actually control taxes.
Any new taxes on oil profits would need congressional approval, which may prove difficult as Democrats control both chambers of Congress by slim margins. Progressives like Senators Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts previously floated the idea.
Those two communists, and that is what they are, simply want to nationalize everything and make the government the owners of “The means of production.” What they and the morons in the White House fail to comprehend is that the companies have a vote too. They might shut down completely, and if the Retard in the oval office tries to seize the oil and gas infrastructure, the actual owners might either fight back or simply blow everything up.
Biden stressed that he is “a capitalist” but added that companies are making “profits so high it’s hard to believe.”
Biden is no capitalist. He is a Fascist of the classic sort. He’s also utterly corrupt, as many Third World tyrants are. He’s also a whining incompetent loser.
Biden has made pleas to oil companies to increase production rather than to enrich shareholders in recent weeks as the price of gas remains high.
The oil companies would like nothing better then to produce more product. They can’t. Why? Because that senile retard has all but killed off any oil drilling on government controlled land.
Biden promised in his earlier speech to purchase oil to refill the reserve once the price hits $70 a barrel. He said companies should therefore invest now in increased production with the confidence that the government will purchase the oil later.
We wouldn’t be looking to refill the SPR if this stupid, corrupt twerp hadn’t drained it for political reasons in the first place. Add to that, the Greatest President of the 21st Century, Donald Trump, wanted to fill up the reserve when oil was running around $30/bbl, but was blocked by…wait for it..the Democrats! As for the oil companies, they are having none of Dementia Joe’s idiocy.
Mike Sommers, the president and CEO of the American Petroleum Institute, an oil and natural gas trade association, said in a statement the Biden administration was taking the wrong approach.
“Rather than taking credit for price declines and shifting blame for price increases, the Biden administration should get serious about addressing the supply and demand imbalance that has caused higher gas prices and created long-term energy challenges,” Sommers said. “Oil companies do not set prices — global commodities markets do. Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed.”
Mr. Sommers, you are trying to explain how economics actually works to a group that grew up eating crayons and paste, not to mention lead paint. These people have no real life experience, and no understanding on how an economy actually works. They just spout back all the theory they got from people who also have no real world experience. I’m afraid things are going to get a lot worse, not better any time soon. I have an idea where that may lead, but I’m hoping I’m wrong.
Thatisall
(3 votes, average: 5.00 out of 5)
Loading...
~The Angry Webmaster~
