Oil War Profits

[Phantasmal]

“The nation’s biggest oil and gas companies have significantly increased stock buybacks and dividends since Russia invaded Ukraine in late February, raising questions about whether the firms are using wartime profits to enrich investors instead of curbing Americans’ pain at the pump, three liberal advocacy groups write in a new report shared exclusively with The Climate 202.”



https://www.washingtonpost.com/politics/2022/04/05/big-oil-companies-are-using-wartime-profits-enrich-investors-report-says/

 

[Dutch Uncle]

“The nation’s biggest oil and gas companies have significantly increased stock buybacks and dividends since Russia invaded Ukraine in late February, raising questions about whether the firms are using wartime profits to enrich investors instead of curbing Americans’ pain at the pump, three liberal advocacy groups write in a new report shared exclusively with The Climate 202.”



https://www.washingtonpost.com/politics/2022/04/05/big-oil-companies-are-using-wartime-profits-enrich-investors-report-says/

No doubt they are but that’s their job. IMO, one of the biggest mistake Congress ever allowed to happen is to give a, literally, heartless, soulless money machine the same rights as an American citizen. Then they fucked up again by allowing money to equal voting; the more money something or someone has, the more voting power they have.

That said, a corporation, be it Exxon or Mattel, has a fiduciary responsibility to their investors, not to Americans. It’s their legal responsibility to maximize legal profiteering as much as possible.

If a JPP member was astute and had the assets, wouldn’t they too be investing heavily in energy stocks?

That said, I blame Congress not Exxon, Chevron or all the foreign oil companies like Shell, BP, etc for not protecting Americans better from price gouging.