“In calling on oil producers to act patriotically, the White House is confronting an entire industry that is now operating according to the strict logic of shareholder capitalism,” JohnCassidy writes.
With the price of crude oil soaring to more than a hundred dollars a barrel this year, and A.A.A. reporting that the average national gas price reached a new high of $4.37 per gallon last week, Big Oil has been making historic profits. In the first three months of 2022, ExxonMobil pocketed $5.5 billion after taxes; Chevron gained $6.3 billion; and ConocoPhillips made $5.8 billion. Smaller energy producers, which are concentrated in the U.S.
What about increasing output? Exxon and Chevron both reported that, during the first quarter, their over-all production of oil and gas, which is pumped from drilling facilities in many parts of the world, fell slightly compared with the previous quarter. On the domestic front, both companies said that their U.S. operations produced slightly less crude in the first quarter of this year than they did in the previous three months, but more than they did in the first quarter of 2021.
In a recent survey of executives at more than a hundred oil and gas firms, carried out by the Federal Reserve Bank of Dallas, nearly sixty per cent of respondents said that the “investor pressure to maintain capital discipline” was the primary factor holding back the growth of production. Given this pressure from Wall Street, many energy executives, particularly those at smaller firms, are perfectly willing to defy the White House.
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