Thanks Joe Biden, three oil companies made over 125 Billion last year. And it wasn’t from increased production. Yes the profits were flowing. But why? All agree that production was down. Oh the administration was telling us that permits weren’t being used and new permits were issued.
What wasn’t told was that permits were delayed for years before approval is given. Plus new permits were issued but drilling could not begin till objections were resolved with environmental groups.
So the EPA and the federal agencies involved OK the permits but the environmental groups can add additional years on the final approval. So naturally the oil companies costs go up and the middle man passes those on to the independents and they pass it on to the service stations. Who naturally pass the increases on.