A recent analysis from the Center for American Progress found that the top five oil companies earned over 300% more in profits during the first quarter of 2022 than the same period last year.
As Consumer Prices Climb, Big Oil Profits
American oil companies are facing increased scrutiny over profiteering practices as gas prices continue to surpass record highs driven by Russia’s ongoing war in Ukraine.
Last week, costs surged to above $4 per gallon in all 50 states for the first time ever, according to the auto club AAA. Prices are currently averaging over $4.59 per gallon nationwide, which is 50% higher than they were this time last year.
In addition to consumers hurting at the pump, there are also rising concerns for industries that rely on fuel and oil like trucking, freight, airlines, and plastic manufacturers.
To account for high prices, some in sectors have responded by ramping up prices further down the supply chain to account for costs, putting even more of a burden on consumers to pay for everyday items.
But as Americans struggle with sky-high gas prices at a time of record inflation, recently released earnings reports show that many of the world’s largest oil companies thrived in the first quarter of 2022.
ExxonMobil more than doubled its earnings from the same period last year, reporting a net profit of $5.5 billion. Meanwhile, Chevron logged its best quarterly earnings in almost a decade, and Shell had its highest earnings ever.
According to a new analysis conducted by the Center for American Progress, the top five oil companies — including the three mentioned above — earned over 300% more in profits this quarter than during the same time last year.
“In fact, these five companies’ first-quarter profits alone are equivalent to almost 28 percent of what Americans spent to fill up their gas tanks in the same time period,” the report noted.
Per Insider, for at least four of those companies, that growth marks a tremendous increase in profits from even before the pandemic.
Lawmakers Ramp-Up Efforts to Reduce Prices
To address these startling disparities, federal lawmakers have moved in recent weeks to increase pressure on oil companies and take steps to lower prices.
On Thursday, the House of Representatives passed a bill proposed by Rep. Katie Porter (D-Ca.) that aims to reduce gas prices. The legislation, called The Consumer Fuel Price Gouging Prevention Act, would give the president the authority to issue an Energy Emergency Declaration that would be effective for up to 30 days with the possibility of being renewed.
In that emergency period, it would be illegal for anyone to increase gas or home energy fuel prices to a level that is exploitative or “unconscionably excessive.”
The proposal would also give the Federal Trade Commission the power to investigate and manage instances of price gouging from larger companies and give state authorities the ability to enforce price-gouging violations in civil courts.
The bill, which has already seen widespread opposition from Republicans and extensive lobbying from pro-oil interest groups, faces an uphill battle in the 50-50 split Senate.
During debate on the act Thursday, Rep. Porter delivered an impassioned speech accusing oil companies of driving their record profits by using their market power to unfairly increase prices.
“The oil and gas industry currently has more than 9,000 permits to drill for oil on federal land, but they are deliberately keeping production low to please their investors and increase their short-term profits,” she said. “Even when the price of crude oil falls, oil and gas companies have refused to pass those savings on to consumers.”
“Let me be clear: price gouging is anti-capitalist,” Porter continued. “It exploits a lack of competition, which is a hallmark of capitalism. It is an effort to juice corporate profits at the expense of customers. Energy markets are reeling because of Russia’s invasion of Ukraine. Big oil companies, however, are using this temporary chaos to cover up their abuse.”
See what others are saying: (The Washington Post) (Vox) (NPR)
Conservatives Slam Elmo For Getting Vaccinated Against COVID-19
While critics accused the muppet of promoting propaganda, CDC data shows the shots are safe and effective.
Elmo Gets Vaccinated
Conservative politicians expressed outrage on Twitter after the beloved “Sesame Street” character Elmo revealed he got vaccinated against COVID-19 on Tuesday.
The Centers for Disease Control and Prevention recently cleared the way for children between the ages of six months and five years to get vaccinated against the virus. The famous red muppet is three years old, making him finally eligible for the jab.
In a video shared by “Sesame Street,” Elmo said that he felt “a little pinch, but it was okay.”
Elmo’s father, Louie, then addressed parents who might be apprehensive about vaccinating their own kids.
“I had a lot of questions about Elmo getting the COVID vaccine,” he said to the camera. “Was it safe? Was it the right decision? I talked to our pediatrician so I could make the right choice.”
“I learned that Elmo getting vaccinated is the best way to keep himself, our friends, neighbors, and everyone else healthy and enjoying the things they love,” he continued.
Republicans Criticize “Sesame Street”
While some praised the video for raising awareness and addressing the concerns parents may have, Sen. Ted Cruz (R-Tx) quickly lambasted the effort.
“Thanks, Sesame Street for saying parents are allowed to have questions,” Cruz tweeted. “You then have Elmo aggressively advocate for vaccinating children UNDER 5. But you cite ZERO scientific evidence for this.”
Despite Cruz’s claim, the CDC has provided ample resources with information on vaccines for children.
He was not alone in criticizing the video. Harmeet Dhillon, a committeewoman of the Republican National Committee for California, suggested that Elmo would be taking puberty blockers next.
Other anti-vaxxers claimed Elmo would get myocarditis and accused “Sesame Street” of promoting propaganda.
COVID-19 vaccines have been proven to be both safe and effective against transmission of the virus, but this is not the first time conservatives have turned their anger against a friendly-looking muppet who opted to get the jab. When Big Bird got vaccinated in November, Cruz and other right-wing figures accused the show of brainwashing kids.
Big Bird’s choice to get vaccinated was not a shocker though, clips dating back to 1972 show him getting immunized against the measles.
See what others are saying: (CNN) (The Hill) (Market Watch)
Uvalde Puts Police Chief on Leave, Tries to Kick Him Off City Council
If Pete Arredondo fails to attend two more consecutive city council meetings, then he may be voted out of office.
Police Chief Faces Public Fury
Uvalde School District Police Chief Pete Arredondo was placed on administrative leave Wednesday following revelations that he and his officers did not engage the shooter at Robb Elementary for over an hour despite having adequate weaponry and protection.
Superintendent Hal Harrell, who made the announcement, did not specify whether the leave is paid or unpaid.
Harrell said in a statement that the school district would have waited for an investigation to conclude before making any personnel decisions, but chose to order the administrative leave because it is uncertain how long the investigation will take.
Lieutenant Mike Hernandez, the second in command at the police department, will assume Arredondo’s duties.
In an interview with The Texas Tribune earlier this month, Arredondo said he did not consider himself in charge during the shooting, but law enforcement records reviewed by the outlet indicate that he gave orders at the scene.
Department of Public Safety Director Steve McCraw told state senators on Tuesday that some officers wanted to enter the classrooms harboring the shooter but were stopped by their superiors.
He said officer Ruben Ruiz tried to move forward into the hallway after receiving a call from his wife Eva Mireles, a teacher inside one of the classrooms, telling him she had been shot and was bleeding to death.
Ruiz was detained, had his gun taken away, and was escorted off the scene, according to McCraw. Mireles later died of her wounds.
Calls for Arredondo to resign or be fired have persisted.
Emotions Erupt at City Council
Wednesday’s announcement came one day after the Uvalde City Council held a special meeting in which community members and relatives of victims voiced their anger and demanded accountability.
“Who are you protecting?” Asked Jasmine Cazares, sister of Jackie Cazares, a nine-year-old student who was shot. “Not my sister. The parents? No. You’re too busy putting them in handcuffs.”
Much of the anger was directed toward Arredondo, who was not present at the meeting but was elected to the city council on May 7, just over two weeks before the massacre.
“We are having to beg ya’ll to do something to get this man out of our faces,” said the grandmother of Amerie Jo Garza, a 10-year-old victim. “We can’t see that gunman. That gunman got off easy. We can’t take our frustrations out on that gunman. He’s dead. He’s gone. … Ya’ll need to put yourselves in our shoes, and don’t say that none of ya’ll have, because I guarantee you if any of ya’ll were in our shoes, ya’ll would have been pulling every string that ya’ll have to get this man off the council.”
One woman demanded the council refuse to grant Arredondo the leave of absence he had requested, pointing out that if he fails to attend three consecutive meetings the council can vote him out for abandoning his office.
“What you can do right now is not give him, if he requests it, a leave of absence,” she said. “Don’t give him an out. We don’t want him. We want him out.”
After hearing from the residents, the council voted unanimously not to approve the leave of absence.
On Tuesday, Uvalde’s mayor announced that Robb Elementary is set to be demolished, saying no students or teachers should have to return to it after what happened.
We make it a point to not include the names and pictures of those who may have been seeking attention or infamy and will not link out to websites that might contain such information.
Texas Public Safety Director Says Police Response to Uvalde Shooting Was An “Abject Failure”
New footage shows officers prepared to engage the shooter one hour before they entered the classroom.
Seventy-Seven Deadly Minutes
Nearly a month after the mass shooting in Uvalde, Texas that killed 19 children and two teachers, evidence has emerged indicating that police were prepared to engage the shooter within minutes of arriving, but chose to wait over an hour.
The shooting at Robb Elementary began at 11:33 a.m., and within three minutes 11 officers are believed to have entered the school, according to surveillance and body camera footage obtained by KVUE and the Austin American Statesman.
District Police Chief Pete Arredondo reportedly called a landline at the police department at 11:40 a.m. for help.
“It’s an emergency right now,” he said. “We have him in the room. He’s got an AR-15. He’s shot a lot… They need to be outside the building prepared because we don’t have firepower right now. It’s all pistols.”
At 11:52 a.m., however, the footage shows multiple officers inside the school armed with at least two rifles and one ballistic shield.
Law enforcement did not enter the adjoined classrooms to engage the shooter until almost an hour later, at 12:50 p.m. During that time, one officer’s daughter was inside the classrooms and another’s wife, a teacher, reportedly called him to say she was bleeding to death.
Thirty minutes before law enforcement entered the classrooms, the footage shows officers had four ballistic shields in the hallway.
Frustrated Cops Want to Go Inside
Some of the officers felt agitated because they were not allowed to enter the classrooms.
One special agent at the Texas Department of Public Safety arrived about 20 minutes after the shooting started, then immediately asked, “Are there still kids in the classrooms?”
“It is unknown at this time,” another officer replied.
“Ya’ll don’t know if there’s kids in there?” The agent shot back. “If there’s kids in there we need to go in there.”
“Whoever is in charge will determine that,” the other officer responded.
According to an earlier account by Arredondo, he and the other officers tried to open the doors to the classrooms, but found them both locked and waited for a master key to arrive. But surveillance footage suggests that they never tried to open the doors, which a top Texas official has confirmed were never actually locked.
One officer has told reporters that within minutes of the police response, there was a Halligan bar, which firefighters use to break down locked doors, on-site, but it was never used.
At a special State Senate committee hearing Monday, Texas Department of Public Safety Director Steve McCraw called the police response an “abject failure” and “antithetical to everything we’ve learned over the last two decades since the Columbine massacre.”
“The only thing stopping a hallway of dedicated officers from (entering rooms) 111 and 112 was the on-scene commander who decided to place the lives of officers before the lives of children,” he said. “The officers have weapons, the children had none.”