The Damage Report
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Shell Oil OUTTED In Jaw-Dropping Mega Profiteering Backlash
Posted
October 29, 2022
Views
20,919
Likes
1,569
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189
Engagement
8.40%
October 29, 2022
20,919
1,569
189
8.40%
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5:25Now PlayingShell Oil profits hit record rates exposing the price gouging practices that are challenging people across the world, pushing President Biden to address big gas and oil companies. John Iadarola and Brett Erlich break it down on The Damage Report.
Read more here:
Biden Urges Oil Companies to Cut Prices After Shell’s Profit Doubled
"President Joe Biden criticized record energy company profits after Shell Plc announced its second-highest earnings ever while raising its dividend and expanding buybacks.
“That’s more than twice of what they made in the third quarter of last year, and they raised their dividends as well, so the profits are going back in their shareholders instead of going to the pump and lowering the prices,” Biden said at an event in Syracuse, New York.
Biden has repeatedly demanded that oil companies forgo buybacks and dividend increases, calling on them to reduce prices at gasoline pumps for American motorists instead of returning profits to shareholders.
Energy companies, he said, need to “bring down the cost of a gallon of gas that reflects the cost they’re paying for a barrel of oil.”"
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