Big Oil Is Ripping Off Americans: Rep. Pallone

The video discusses the significant profits of oil companies like Exxon amidst rising gas prices in the U.S. It highlights the impact of global events, such as the war in Ukraine and the ban on Russian oil imports, on oil prices. The video criticizes oil companies for not increasing supply despite having unused drilling permits, suggesting they prioritize profits over consumer relief. It also provides a historical perspective on how global factors and foreign adversaries influence oil prices, emphasizing the ongoing challenges faced by American consumers.

What was Exxon's first quarter profit announcement, and how did it compare to the previous year?

• Exxon announced $8 billion, which was lower than last year's $8.8 billion.

• Exxon announced $8 billion, which was higher than last year's $9 billion.

• Exxon announced $9 billion, which was higher than last year's $8.8 billion.

• Exxon announced $9 billion, which was lower than last year's $8.8 billion.

How did oil companies react to the war in Ukraine and the ban on Russian oil imports?

• They increased oil production significantly.

• They reduced oil prices to help consumers.

• They maintained high prices to maximize profits.

• They stopped all oil production activities.

What is the current status of drilling permits in the oil and gas industry?

• There are only a few approved drilling permits available.

• There are no approved drilling permits available.

• There are over 9000 approved but unused drilling permits.

• All drilling permits are currently in use.

What strategy are oil companies using to keep prices high?

• Lowering production costs to reduce prices.

• Investing in renewable energy sources.

• Reducing supply to keep prices high.

• Increasing supply to meet demand.

What historical context is provided about American consumers and oil markets?

• American consumers have always benefited from low oil prices.

• American consumers have never relied on foreign oil.

• American consumers have been affected by global oil market fluctuations for decades.

• American consumers have always had stable oil prices.