With no end in sight to the gas woes in our country, rest assured that the companies behind the pumps are doing well. “While people across the United States have seen gas prices as high as $6 per gallon—stretching budgets thin and driving worsening inflation—the oil majors have been absolutely raking in money, lining CEOs’ and shareholders’ pockets with profits,” wrote Sally Hardin and Jenny Rowland-Shea of American Progress.
President Biden has proposed a federal gas tax suspension to Congress, which would provide an 18 cent cost reduction for every gallon at the pump. The federal gas tax is has been in force for 90 years and its revenue supports highway infrastructure. Similarly, several states are considering suspension of state gas taxes with Connecticut and New York leading the way.
President Biden has also reached out to oil company executives to work together toward a solution.
“Already, the United States produced more oil under the first year of this Administration than it did under the first two years of the prior Administration, and is on track to set new records next year. At the same time, the President understands that our efforts to increase energy production in the near-term must be coupled with medium- and long-term efforts to transition our economy away from fossil fuels produced by autocrats and to clean energy.” The White House
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Here are several documents and a press release related to the gas and oil industry currently available on RealDealDocs:
Exxon Mobil Corporation 2021 Extended Provisions For Restricted Stock Unit Agreements Settled In Stock for EXXON MOBIL CORP, Exxon Mobil Corporation
Chevron Corp 8-K for CHEVRON CORP
Houston, Jan. 21, 2021 (Globe Newswire) — Shell Midstream Partners, L.P. (Nyse: Shlx) Announced Today That After A Distinguished 29 Year Career With Royal Dutch Shell Plc (“Shell”), Kevin Nichols Will Retire As President And Chief Executive Officer Of Shell Midstream
White House Fact Sheet
Biden Calls on Congress to Suspend Federal Gas Tax
These two states passed gas tax suspensions. More may follow
These Top 5 Oil Companies Just Raked In $35 Billion While Americans Pay More at the Pump