Oil Companies Report Record Profits, Biden Urges Them to Lower Prices

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Earnings reports released this week showed record profits for oil companies, leading President Biden to call for lower prices at the pump. See potential bias and similarities in coverage from FoxBusiness, CNNBusiness, and thehill:

him saying, “invest in America for the American people. Bring down the price you charge at the pump, to reflect what you pay for the product. You’ll still make a significant profit, your shareholders will do very well, and the American people will catch a break they deserve and get a fair price at the pump as well.

”Russia’s invasion of Ukraine caused turbulence in the global energy market. With many Western nations no longer importing Russian oil, a supply decrease allows remaining market players to raise prices.CNN Business noted the companies did not themselves reference that profits were record-breaking, attributing the decision to “consumer outrage over high gas prices.”

 

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