Washington Update
Trump’s Gunna Trump
As you know our week started out with President Trump stating that we make too much money and we need to lower our prices now. An interesting message and it sounds vaguely familiar. Almost as if it is a President looking at the midterms. That got us wondering who said it better – Trump or Biden? You be the judge.
Biden:
“Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”
“Bring down the prices you’re charging at the pump to reflect the cost you pay for the product—do it now.”
Trump:
“They’re making too much money based on a shortage—Chevron, too much money; Exxon Mobil, too much money.”
“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil.”
So the Wall Street Journal weighed in an it is worth the read in full
Trump, Big Oil, and ‘Too Much Money’
The billionaire President offers an odd critique of companies.
“Everyone knows President Trump plays the role of political populist, but sometimes all you can do is laugh. Take his lashing Monday of American oil companies for “making too much money.”
Mr. Trump is worried about gasoline prices going into the midterm election, and the President needs someone to blame. Voila, Big Oil.
“When you look at one company where they made 12 times what they made the year before, they ought to give some of that back to the public,” Mr. Trump said Monday. “And they better cut the retail price, the consumer price.” It’s unclear which company he was referring to, but previously he had criticized Chevron CEO Mike Wirth for not praising Mr. Trump as the reason for his company’s success.
Oil and gas giants always make more money when oil prices rise, as they have given the threat to oil supplies from Mr. Trump’s war with Iran. But this is the same industry that Mr. Trump has been cheering for producing more oil in the U.S. Does he want the companies to make less money, so they’ll have less to invest in exploration and drilling? Which is it, sir?
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