According to the U.S. Energy Information Administration, in 2021, the U.S. imported 8.47 million barrels of oil a day to meet our energy needs. But U.S. oil companies also exported 8.63 million barrels of oil a day, indicating that our country would easily be energy independent if U.S. needs came before oil company profits.
Oil company profits were $174 billion last year, with $15 billion of that coming directly from U.S. taxpayers in the form of federal fossil fuel subsidies. States subsidized oil companies last year in the amount of $6 billion.
Lastly, U.S. oil companies have more than 9,000 drilling permits that they are not using. This slows production and lowers supply, creating a greater demand and higher prices at the pump.
Oil companies are redistributing wealth from the middle class to the high investor class by manipulating the price on a commodity that every American family needs. Their behavior is immoral and negatively affects every American. Their behavior is extremely unpatriotic and negatively affects the peace and security of the nation. Oil companies can do this because the law allows them to. They simply have too much power.
Of course, there are many reasons why fuel prices have risen to where they are today. But the root of the higher price of gasoline is oil company greed.
Robert Charlton
Springdale