CBS News reports, Oil giants rake in record profits as energy prices remain high (excerpt): Oil companies are reporting surging profits as energy prices remain elevated. Exxon Mobil broke records with its profits in the third quarter, raking in $19.7 billion in net income, a nearly $2 billion increase from its second quarter. The Irving, … Read more
Business Insider reports, Biden tries again to lower gas prices — and slams oil companies for raking in record profits ‘while a war is raging’: President Joe Biden announced Wednesday that the federal government would step in yet again to put more oil on the market and bring down still-high gas prices. That will come … Read more
Update to A ‘Biden Boom’ And The Corporate Media Is Parroting GQP Gloom And Doom Propaganda. The corporate media is complicit in recklessly feeding self-fulfilling inflation psychology with hysterical reporting on inflation, by reporters most of whom never even took an Econ 101 class in college. They know not of what they speak, so they … Read more
Back in March, I warned you about The Saudi Arabia-Russia oil war against U.S. oil producers (snippet): Two of Donald Trump’s favorite autocrat buddies, Mohammad Bin Salman Al Saud of Saudi Arabia and Vladimir Putin of Russia, have decided to engage in a price war over oil in an effort to capture market share in … Read more
Wall Street took a beating Monday as collapsing oil prices and fears about the impact of the coronavirus almost nudged the American economy out of the longest bull market in history, exactly 11 years to the day since it began. Dow closes with decline of 2,000 points, almost ending 11-year bull market. The Dow Jones … Read more