Why oil companies are raking in record profits under Joe Biden
CNN
Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry.
Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. As Trump and Biden are set once again to face off in a presidential election, Trump has renewed claims that Biden’s agenda has hurt energy producers, promising to hit rewind on Biden’s environmental policies. But the oil and gas industry in the United States has thrived under the current president, even as the Biden administration has touted its efforts to transition away from fossil fuels and towards green energy sources. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. The top five US-based oil and gas companies by market cap, according to S&P Global — ExxonMobil (XOM), Chevron (CVX), ConocoPhillips (CPP), EOG Resources (EOG) and Schlumberger (SLB) — have raked in more than $250 billion in profits between 2021 and 2023. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. The energy industry’s recent profit windfall underscores the limited influence of any US president — whether in favor of fossil fuel or not — in the global oil and gas market.
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