Joe Biden may have come into office with bold promises on climate action, but oil companies have found ways to thrive. How exactly have these giants managed to profit? Let’s dig into the specifics.
1. Record High Oil Production
Image Credit: Shutterstock / Rosemarie Mosteller
Despite Biden’s climate promises, U.S. oil production hit a record 13.3 million barrels per day in 2023. This level of production is making oil companies richer than ever.
2. Federal Drilling Permits Increase
Image Credit: Shutterstock / New Africa
Biden approved more federal drilling permits in his first three years than Trump did, allowing oil companies to expand operations significantly.
3. Rising Exports
Image Credit: Shutterstock / industryviews
U.S. ports are shipping record volumes of oil and gas abroad, particularly to Europe. This increase in exports has been a boon for companies’ bottom lines.
4. Corporate Profits Surge
Image Credit: Shutterstock / chayanuphol
Oil giants like ExxonMobil and Chevron reported combined profits of over $85 billion in 2023, riding high on increased production and export volumes.
5. High Gas Prices
Image Credit: Shutterstock / Minerva Studio
The average gas price during Biden’s presidency has been $3.60 per gallon, compared to $2.57 under Trump. Higher prices at the pump mean more revenue for oil companies.
6. Fossil Fuel Job Growth
Image Credit: Shutterstock / Fiordaliso
Jobs in the oil, gas, and coal sectors grew by 11.3% during Biden’s first two years, outpacing growth in renewable energy jobs and ensuring more workforce stability for fossil fuels.
7. Shareholder Payouts
Image Credit: Shutterstock / Pavel Bobrovskiy
Companies like Shell announced massive shareholder dividends and stock buybacks, reflecting their strong financial performance under Biden’s administration.
8. Tax Benefits
Image Credit: Shutterstock / Hadayeva Sviatlana
Despite Biden’s climate rhetoric, tax policies and loopholes still favor fossil fuel industries, allowing companies to maximize profits while minimizing tax liabilities.
9. Keystone XL Cancellation
Image Credit: Shutterstock / shinobi
While Biden canceled the Keystone XL pipeline, the decision has not significantly impacted overall oil production or profits, thanks to high domestic and export demands.
10. Natural Gas Expansion
Image Credit: Shutterstock / Aleksandar Malivuk
U.S. natural gas production reached new heights, helping to satisfy both domestic and international demands, further boosting company revenues.
11. Permian Basin Boom
Image Credit: Shutterstock / pan demin
The Permian Basin continues to be a gold mine for oil extraction, with companies investing heavily in this region to capitalize on high production rates.
12. Regulatory Easing
Image Credit: Shutterstock / Salivanchuk Semen
While Biden has pushed for stricter environmental regulations, enforcement has lagged, allowing many oil companies to operate with fewer restrictions.
13. Record LNG Exports
Image Credit: Shutterstock / DifferR
Liquefied natural gas (LNG) exports from the U.S. have hit new records, driven by global energy demands and geopolitical shifts like the Ukraine conflict.
14. International Demand
Image Credit: Shutterstock / marketlan
Global crises have pushed countries to seek stable energy supplies, making U.S. oil and gas an attractive option, thereby increasing exports and profits.
15. Renewable Energy Job Lag
Image Credit: Shutterstock / kckate16
While renewable energy jobs are growing, they still lag behind fossil fuel sector employment, ensuring that oil companies retain a strong labor force.
16. High Demand Post-Pandemic
Image Credit: Shutterstock / Golden Dayz
The post-COVID economic rebound has spiked demand for energy, driving oil and gas consumption back to high levels and benefiting producers.
17. Supply Chain Dominance
Image Credit: Shutterstock / shablovskyistock
Oil companies have maintained dominance over energy supply chains, ensuring they capture a significant share of profits from both production and distribution.
18. Political Influence
Despite Biden’s green agenda, oil companies continue to wield significant political influence, shaping policies that protect their interests.
19. Energy Security Concerns
Image Credit: Shutterstock / Simon Pedersen
Biden’s administration has emphasized energy security, often resulting in policies that favor maintaining robust oil and gas production.
20. Financial Market Performance
Image Credit: Shutterstock / giggsy25
Oil stocks have surged, with the Dow Jones U.S. Oil and Gas Index reflecting substantial gains, rewarding investors and ensuring continued capital flow into the sector.
Time to Rethink?
Image Credit: Shutterstock / Owlie Productions
These facts make it clear: oil companies are thriving under Biden’s watch, despite his climate ambitions. If you’re concerned about climate change or the economy, it might be time to rethink our energy policies and their real-world impacts. The next vote could shape the future of both the planet and our pocketbooks.
Oil Dumping Scandal Rocks Ships Heading to New Orleans
Image Credit: Shutterstock / AERIAL-MOTION
Two shipping companies have been fined after knowingly hiding a large oil spill in the Atlantic Ocean. Oil Dumping Scandal Rocks Ships Heading to New Orleans
20 Eye-Opening Realities Facing Retiring Baby Boomers
Image Credit: Shutterstock / JACK FROG
As Baby Boomers approach retirement, the promise of leisure and security often seems unattainable. This generation faces unique challenges that could redefine retirement. Here’s a stark look at the realities shaping their outlook. 20 Eye-Opening Realities Facing Retiring Baby Boomers
Retail Apocalypse: Massive Closures Sweep Across U.S. Brands
Image Credit: Shutterstock / TADA IMAGES
Stores across the U.S. are closing at unprecedented levels, according to new research from advisory firm Coresight Research. Read on for more information about the impact this could have on you and your communities. Retail Apocalypse: Massive Closures Sweep Across U.S. Brands
Tech Giants from Amazon to Google Announce Massive 2024 Layoffs
Image Credit: Shutterstock / VDB PHOTOS
In recent months, there have been massive layoffs from major corporations in a bid to navigate the harsh economic times. These strategic initiatives have triggered discussions around cost-cutting measures and the evolving industry dynamics. Tech Giants from Amazon to Google Announce Massive 2024 Layoffs
Why California’s Gas Prices Are Heading for a Steep Climb in 2025
Image Credit: Shutterstock / f.t.Photographer
Rumors are swirling about a possible increase in gas prices in California following the passing of a controversial emissions program. Why California’s Gas Prices Are Heading for a Steep Climb in 2025
The post 20 Ways Oil Companies Are Laughing All the Way to the Bank Under Biden appeared on EcoHugo.
Featured Image Credit: Shutterstock / Consolidated News Photos
For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.
