I first read 1984 in mid 2021 and but I’ll admit, reading it during the COVID lockdowns blew my mind. I’m not sure how I felt reading it but I know with 100% certainty if you had told me in 2019 the steps the Government would take to control and ultimately re-write 3 years of history, I’d tell you you were crazy.
Who controls the past controls the future. Who controls the present controls the past.
And yet, even with the internet, records and video of everything people have ever said and tweeted, today’s energy crisis is treated with talking points (Putin’s price hike), shock (how is this possible) and so little retrospect and analysis, you can’t but think of the scene in 1984 when the banners were changed, the enemy was recast and the war was refocused.
Actually, as Winston well knew, it was only four years since Oceania had been at war with Eastasia and in alliance with Eurasia. But that was merely a piece of furtive knowledge which he happened to possess because his memory was not satisfactorily under control. Officially the change of partners had never happened. Oceania was at war with Eurasia: therefore Oceania had always been at war with Eurasia. The enemy of the moment always represented absolute evil, and it followed that any past or future agreement with him was impossible.
The frightening thing, he reflected for the ten thousandth time as he forced his shoulders painfully backward (with hands on hips, they were gyrating their bodies from the waist, an exercise that was supposed to be good for the back muscles) -- the frightening thing was that it might all be true. If the Party could thrust its hand into the past and say of this or that event, it never happened -- that, surely, was more terrifying than mere torture and death?
The Party said that Oceania had never been in alliance with Eurasia. He, Winston Smith, knew that Oceania had been in alliance with Eurasia as short a time as four years ago. But where did that knowledge exist? Only in his own consciousness, which in any case must soon be annihilated. And if all others accepted the lie which the Party imposed -if all records told the same tale -- then the lie passed into history and became truth. 'Who controls the past,' ran the Party slogan, 'controls the future: who controls the present controls the past.' And yet the past, though of its nature alterable, never had been altered. Whatever was true now was true from everlasting to everlasting. It was quite simple. All that was needed was an unending series of victories over your own memory. 'Reality control', they called it: in Newspeak, 'doublethink'
Therefore, yesterday despite my optimism that a brave new world was emerging in the shadow of the longest 14 days ever, tt would be impossible to look at the announcement from the White House yesterday regarding oil and gas companies and not think that George is rolling in his grave, shocked at how accurate his storyline was. Here are the lowlights.
One by one, major oil companies have reported record profits, not just a fair return on — for hard work. Every company is entitled to that: a fair return for the work they do or innovation they generate. It means — but I mean profits so high it’s hard to believe.
Now, the second quarter of the profits were really high. But the third quarter — last week, Shell announced that it made $9.5 billion in profits for the third quarter — $9.5 billion. That’s almost twice as much as it made in the third quarter of last year. I think that’s something. You think that’s incredible? I thought, “My — that’s as good as — as high as it’s going to get.”
Then along came Exxon. Exxon’s profits for the third quarter were at $18.7 billion. One quarter: $18.7 billion — nearly triple what Exxon made last year and the most in its 152-year history. It’s never made that much profit.
In the last six months, six of the largest oil companies have made more than $100 billion — $100 billion. And we had a little discussion about this, the three of us and others. One hundred billion in profits in two — less than 200 days. That’s not bad.
And here’s why this — here’s why this matters. I think it’s outrageous what their — the — the size of the profit.
Here’s why it matters: If these companies were making average profits they’ve been making by refining oil over the last 20 years instead of the outrageous profits they’re making today and if they passed the rest on to the consumers, the price of gas would come down around an additional 50 cents.
If they’re investing their profits in the historic — at historic rates in their U.S. operations, then America would be producing more oil today and prices would be down even further. But rather than increasing their investments in America or giving American consumers a break, their excess profits are going back to their shareholders and to buying back their stock, so the executive pay is — are going to skyrocket.
Oil companies’ record profits today are not because they’re doing something new or innovative. Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe. You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders.
I think they have a responsibility to act in the interest of their consumers, their community, and their country; to invest in America by increasing production and refining capacity. Because they — they don’t want to do that. They — they have the opportunity to do that — lowering prices for consumers at the pump.
You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions. My team will work with Congress to look at these op- — these options that are available to us and others. It’s time for these companies to stop war profiteering, meet their responsibilities to this country, and give the American people a break and still do very well.
The American people are going to judge who’s standing with them and who is only looking out for their own bottom line. I know where I stand, and I want to let the — I’m — going to hear more from me about this when the Congress gets back.
What to do?
I could mention Pfizer and Google, in fact, in a post the last time this came up, I did.
I could mention that the gasoline tax in the U.S. is $0.50/gallon and this “so called pass on” could easily be done by removing the gasoline tax, despite the fact that the carbon tax favored by politicians will massively INCREASE the cost at the pump.
I could show a clip of all the reasons that companies aren’t spending at record rates, reinvesting and are buying back stock, paying down debt and paying dividends instead.
But instead I’ll leave readers with this: WE have let this happen.
WE have let politicians say whatever is convenient to win votes that they implement with no foresight or analysis.
Remember it when you cast your ballot.
Today and every day until we have a sane energy policy in the United States, and equally importantly for geopolitical stability, Western Europe. And until then, let the Great Shrug continue.
Good article, thanks. Will send to many to read. Now will the oil industry say anything to respond? Republican leadership? API? Time to call him and his ilk out for causing this. Appreciate your work, David.
I like your articles. Let me ask you, why in the world would any oil and gas company invest in infrastructure? Why would they take profit and not expand?
To me, the governments of the US and others are telling these Co's they are not allowed to build pipelines. refineries. With ESG all day everyday, why invest at all? These governments may seize the assets. If I were a shareholder, and I am not, I want the company doing exactly what they're doing. My two cents, for what's little its worth.