Benoît Morenne
speaker
60 appearances
1 recordings
1 series
first heard Oct 2022
last heard Oct 2022
Benoît Morenne’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Why Gas Prices Are Climbing Again After Months of Declines · 7 Oct 2022
podcast
We've seen that in the UK and Germany, for instance.
When it comes to creating the US, at the state level, you've seen states like California call for a windfall tax and the profits of which would be redirected to consumers.
So that's one approach to it.
President Biden earlier this year floated the idea of a tax holiday for gasoline prices, which he eventually seemed to abandon.
So the government can do a lot of things.
That could be subsidizing oil and gas companies if you wanted to do that.
The question, of course, is whether that is something you can do politically.
So President Biden has tried to convince all producers to pump more oil in the short term.
But drillers that have made the U.S.
one of the largest producers of oil, thanks to the advances of the Shell boom in the 2010s,
have been reluctant to do that for a couple of reasons.
One is that they've been under pressure from Wall Street investors not to focus on growth, which they did in the past before the pandemic, spending inordinate amounts of money and generating poor returns for investors, but this time actually return cash to shareholders.
So companies that have been doing that, they've been aiming to
have moderate growth going into 23.
So you're looking at 5% to 7% growth for some of those large companies, which means that you're seeing production being roughly flat this year.
So there's not a ton of relief there.
They're also being hamstrung by supply chain woes.
They, like other companies, had a hard time procuring material.
They've been faced with labor shortages as well.
there's not a ton of relief there due to inflation, which makes it difficult for them to increase production.
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