Yes, that is the double meaning and it is the stage that we need to accept. And most of it comes from the BBC article (at https://www.bbc.co.uk/news/business-64472806) called ‘White House calls Exxon record profit ‘outrageous’’ with the quote “President Joe Biden has sought to focus blame for last year’s high motor fuel costs on companies failing to spend their profits to boost supply.” As I personally see it, trying to set to focus blame is not just stupid, it is very stupid. You see, oil is a commodity and there is offers and there are demands. A buy and sell setting that has been here for decades. And before President Biden starts laying blame. The blame is at his own address. The White House has had its share of disappointments, but they are on both sides of the isle. Massive changes were required going back to the age of Clinton and in the last 5 years alone other options were available in the form of the Tesla battery, but you all wanted to make fun of Elon Musk, so now he has the commodity you all need (but that is for another day). We are given “Exxon’s shares sank sharply in 2020, when demand for oil tumbled, leading the firm to report its first loss in decades. But the price of the shares has soared since 2021, especially since oil prices jumped when the war in Ukraine disrupted energy supplies last year”, yet the part we all forget is that oil is a commodity, and for the most (with a few small examples) it is a good commodity to have. The war is not on Exxon, the need for oil is not on Exxon, it is on the administrations of the White House. For decades you REFUSED to act when action was needed, and action was needed for close to two decades. You can blame all you want, but to see the guilty party any occupant of the White House only needs to look into a mirror. You alienated Venezuela, you alienated Saudi Arabia and you massively alienated (justly so) Iran and you are in a war with Russia. The four largest oil producing nations AFTER America. But America cannot supply its own oil, can it? It exports the bulk for cash and the American people (not just them) are short on oil, as such the price goes up. All options were cut short and you have no options left and that pesky war does not help, we get that. But none of this is on Exxon, two decades squandered and no end in sight. That is how it is. As such the White House can cry, whinge and whine, but in the end. This what they wanted and this president does not get to blame Donald Trump. Former presidents Obama and Clinton, both Democrats did far too little and now time is pretty much up. As such those who have the commodity oil will have wealth coming towards them, massive wealth until at least 2025, this will continue for a while. Even if the war ends in 2023, the shortages are getting larger and larger. Elon Musk was a solution but that bridge was burned. Cities like Austin, New York, San Francisco, Chicago, Los Angeles will need three to five thousand batteries to make a dent in the oil needs for energy, they will need options for heating and that list is merely getting larger and cities in Europe are in a similar state. One source gives us “Over half a million people will use wood-burning stoves this winter, and industry experts report fears of a potential shortage as thousands more turn to the appliance as demand rose by nearly 40 per cent between April and June compared to the same period last year” and this is merely the UK so what happens when heating prices grows by another 20%? Will you blame Exxon, or will you finally realise that more was required and the administrations of several governments fell flat?
As I see it this was a system that has existed for decades and Exxon is not to blame, this shape of commodities comes from Wall Street, you do remember that greed driven institution? This problem is a lot larger than you realise and too many people are sitting on their hands.
So let them whine and cry all they like, once you realised they are partially the cause of it, that is when you get to be angry.