Big Oil's $58B Profit

Thought for the day

Time to drop the price of gas at the pump by $1.00 or more

It's no surprise the Big 5 oil companies, Shell, Chevron, ExxonMobil, BP, and ConocoPhillips, are reporting record Q2 profits of more than $58 billion, compared to Q1 profits of $35 billion.  What is surprising is the reluctance to hold a Camp David summit with the CEOs of these oil companies.  

It may take as long as Jimmy Carter's 12-day summit did in 1978, with old warriors Anwar Sadat of Egypt and Menachem Begin of Israel, but this present-day summit could result in a big windfall for U.S. consumers.  

With their record-breaking $58 billion quarterly profits, Joe Biden should be able to convince these five CEOs to drop the price of gas at the pump by $1.00 or more.  While they or some of their shareholders may have a touch of heartburn, their decision would have an immediate impact on inflation.  It's time to take a TUMS and do the right thing for America's economy.

-DF