Obama Focusing on Oil Companies

In the last few days President Obama has forcefully criticized the regulations and tax breaks that oil corporations enjoy, according to The Hill. The President lashed out at oil companies for a second consecutive day on Thursday and again in Saturday’s address. Obama at the same time stated that the Justice Department would most likely start a probe to find out whether speculators and traders have triggered the latest spike in gasoline prices, the release added.

[From The Hill]: “Four billion dollars of your money are going to these companies at a time when they’re making record profits and you’re paying near record prices at the pump,” the president said at a Nevada town hall. “It has to stop.”

Pursuing oil firms is sensible national politics for Obama, according to polls and Democratic strategists.

Just 11 percent of people surveyed in a McClatchy-Marist opinion poll this week said Obama and Democrats are to blame for high gas prices. Thirty-six percent of U.S. residents blamed chaos in the Middle East for the high prices, while 34 percent say U.S. oil companies are to blame.

Seven percent said congressional Republicans were at fault.

Stock related: Exxon Mobil Corporation (XOM), BP plc (BP), Chevron Corp. (CVX).

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About Ron Haruni 1067 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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