Ya KNEW it wouldn’t last…..
This is gonna pump the inflation UP and could reflect politically on Biden and Democrats….
Nevermind that gas companies are making a TON of money…..
The prices are going up for a variety of reasons: a refinery fire in the Midwest, signals from the OPEC consortium that it plans to cut production significantly when it meets this week, facility maintenance on the West Coast that has pushed inventories down to record lows. A looming European ban on Russian oil, to take effect in December, is also pushing prices up.
But oil companies are still posting eye-popping profits throughout these challenges, giving an opening for top administration officials and their allies to charge that corporate greed is a key factor. They have taken every opportunity to do so.
After ExxonMobil wrote a letter to the administration last week chafing at the pressure it is applying on oil companies to redirect some of their energy from exporting fuel around the world to shoring up inventories at home, Energy Secretary Jennifer Granholm issued a blistering statement.