Former Labor Secretary Robert Reich and Resources for the Future Fellow Daniel Raimi join Newsroom to discuss CEOs at major oil companies coming under fire for the rising gas prices and how a solution could be found to benefit consumers. #CNN #News
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Price-gouging does happen and they are lying, like usual. Record profits make me very skeptical. I will never trust an oil company exec.
@TourCaddie they didn’t take on any debt, oil companies make so much more money to cover any loss
@Trapped in America …read the balance sheets for the past decade dummy.
Drill baby
From all the damages they do, this is all they get contested with?
They should be held to account.
All the gas now in the pumps was refined from crude oil purchased before the Russian invasion.
It is absolutely price gauging.
It’s all about supply and demand. With the Russia oil taken out of the world market, the rest of the oil should have higher prices. The oil companies make money for their share holders. Their corporate goals are not social equity.
@CF Win I know that but they haven’t paid taxes not even near what they owe… we need a free fall tax on these oil companies
The methane emissions from their executive yaps are off the chart.
It is despicable for oil companies to profit so hugely. When it becomes impossible to be able to afford to drive to and from a job, what will happen then..
The oil companies are not to blame.
Gas or good. Gonna be food for my babies.
Why to rely only on a job?.. Buy some USO stock!
@Marvin Guigar because when trump was in office the country was in lock-down thanks to a freaking pandemic, that’s why.
@Swagger BOB LEE No. It is because big oil has to keep making record profits because their execs have gotten so used to eating caviar at their yacht they have to keep getting their millions a months to keep eating their caviar on their yacht because God forbid they are forced to stop eating caviar, even though they’d still be eating all of their meals on their yachts even if they stopped price gouging.
This is what’s known as the old payback! Oil prices have been down for a long time, cutting into their prices and profits. The oil companies are going to stick it to us as long as they can, so don’t expect them to show us any sympathy.
Why would they want to invest for more oil if the government and everyone else keeps on pushing for green and renewable energy? Maybe it is time for green activists to drill renewables faster…
@Donald Thomas Will you as an investor invest on something expensive that may not be usable or profitable within a few years?
@Amiel Vasco I agree. Why would anyone do that when your business is trying to get kicked to the curb.
The video opens with the report oil companies recorded eleven billion dollars profit FOR ONE MONTH ALONE and Mr. Raimi says two minutes into it the oil companies are losing money. That’s how brazen the oil companies are. They don’t care that their excuses don’t make any sense anymore. Its not going to be long before the oil companies will be telling us: Blah Blah Blah, we want bigger profits so we going to charge you more! And no doubt we’ll just keep paying, right.
Why would they want to invest for more oil if the government and everyone else keeps on pushing for green and renewable energy? Maybe it is time for green activists to drill renewables faster…
How brazen this administration is at excuses instead of getting the job done is more like it..
And they are willing to let you be part owner of the company. They are for sale on the stock market. Buy some and quit complaining.
obviously he means “we are loosing money if we compare to how much we would make if we were even fewer compagnies, set price up even higher, and conspired even more, speculated even more, recklessly”
@lara iza your statement is not proper English and makes no sense.
“ No single company. “ But oil companies as a whole can increase prices….11 Billion in 1st quarter profits.
@Amiel Vasco did you listen to him? He said only way to reduce prices is to invest more. So they want the government or private citizens to pump more money into oil production. So then you are binding your money to fossil fuel ls which they of course want. Then there will be of a reason to stall widespread green energy investments. They made 11 billion in 3 months and want someone else’s money to “ bring the price down”. Yeah fl them.
@Amiel Vasco what quarters were those? Losing money cannot be declared if you break even or gain a profit in a calendar year. What year have they lost money? There may have been a time when they didn’t pay dividends but I don’t care about stockholders and frankly not many people do. 11 billion is a lot of money.
@Amiel Vasco yeah that’s what you want? Guarantees the gravy train will never dry up? Adapt to the changing market, that’s what innovative companies do. But why would they if they can just do what they’ve been doing? Why would they invest money in manufacturing and technology to compete with China and build US products when they could just pump oil like the good ole days.
When an oil executive says that they lowered production by 10% during the pandemic to keep prices high. But they can’t increase production to pre-pandemic levels any time soon. I call BS! What they can’t or won’t do is give up their record profits.
Its a cover up for biden price hikes
@ROSHTEIN ARMY the companies that’s producing oil said they don’t set prices so why do you think Biden has any influence on it?
Wow. 44 billion in one year would pay for 3 major size hydroelectric generation stations the size of hover dam or the Churchill hydroelectric station. Normally it would take years to pay for such a dam. Greed never does the public any good.
No… It would pay for one. Do… Do you not know how much infrastructure costs?
@Fabricator Factory, get busy hustling make the money yourself and then donate all, you are quick to try and give away others peoples money.
@Meep Changeling still.
Commodity trader here. Financialization of physical commodity markets, excessive liquidity from the Fed and absence of margin controls (vs volatility) by exchanges (ie Nymex, ICE) is to blame. Crack spreads and time spreads have gone ridiculous and fund algo pushing prices with the story in an illiquid market, to stupid levels, are the norm in recent months. Institute position limits, increase margin requirements (significantly, maybe up to 30-40% of nominal), accelerate QT by the Fed, and these problems will be solved.
No single oil company can set prices, but their derivative trading desks can sure push things along!
Bravo 👏 bravavisimo.. Thats a comment right there
Are you speaking of corruption and manipulation in the marketplace?
Come on man… billionaires need to prosper.
Suck it up surf.
Took the words right out off my mouth.
Oh for the love of god! “Continued investment is the only way to … get relief at the pump”. Aka, let us secure more oil permits now so we keep making money off oil dependency in the future. We need to be going the other way and providing people alternative options to fossil fuels.
@Dave Harvey a lot of products we use today are made from soybeans and other products. This ain’t the fifties. And plus I can say whatever I want to say clown.
They already have more permits than they are using right now, there are thousands or acres of land that are already leased to them that they aren’t even drilling right now and that would take them decades to deplete them all! “Eat everything that is on your plate before asking for more.”
As someone who suffers from gas, I approve of this message.
Lol! It’s Trump, it’s Putin, it’s the oil companies,etc,etc,etc.
Why would they want to invest for more oil if the government and everyone else keeps on pushing for green and renewable energy? Maybe it is time for green activists to drill renewables faster…
@janet price 🤣🤣🤣
“Its not our fault we are making so much money. if you want prices to go down, give us even more money”
Why would they want to invest for more oil if the government and everyone else keeps on pushing for green and renewable energy? Maybe it is time for green activists to drill renewables faster…
I have to say that is a good quote regarding the government.
‘Well, we lost alot of money during the heavy Covid, and auto manufacturers and rental companies are buying up electric vehicles and cars are more fuel efficient so we have to jack our prices through the roof because, capitalism. Profit’.
I love Robert Reich, who always tells it like it is, and really cares about the American people.
He doesn’t care about you.. Grow up
He’s got this one wrong
“No single company sets the price of gasoline.” Well, duh! It’s a small group of companies conspiring together that sets the price of gasoline.
One word, cartel.
EXACTLY! We all know it. Why the political inaction against this. Unbelievable.
The Dallas Federal Reserve recently surveyed all top US oil executives and 59% said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth.
Gas prices are high. Oil CEOs reveal why they’re not drilling more
By Matt Egan, CNN Business
Updated 1:06 PM ET, Thu March 24, 2022
That’s right.. No more frackling bubble
Why are large corporations and the investor class never asked to tighten their belts and take one for the team the way the middle class constantly is?
@Super knullisch lol.. i work in the O&G business. i know how pricing works.. just people think companies are gouging.. when they are not..
@Super knullisch you should be asking why flour/wheat cost so much also.. and expect the grocery stores to cut you a break for the expensive fruits..
@MMA Maxim id look at my profile pic before commenting. Fossil fools… really I understand electric cars are the future but we are 10 to 15 years off from them becoming the norm. Not to be that guy but since im a licensed mechanical engineer i must say that to believe we can simply walk away from fossil fuels is stupid and would cause alot of suffering for lower class Americans who cannot afford 60k cars or even 40k cars
@Dan G Concisely put and well-stated 👋
@Mellowyellow8888 Buddy, the jig is already up. There is no denying that they are price gouging, the numbers don’t lie. And you didn’t answer the question at hand, why aren’t Big Oil execs tying up their belts to try their best to not raise prices? You can’t deny that oil companies are making record profits over the years, so why not make less profits for a while (notice I’m not saying *no profits*, just *less profits* which is something very reasonable)
Oil companies are just so GREEDY to my opinion. The more chaos on the world the more profit they make.
As a share holder i don’t want them to drill baby drill.. I got burned already during the frackling bubble.. Its the simple folk like us that don’t want them to pump more oil
Why didn’t greedy oil companies increase prices and make more money 2016-2020?