Online Public Relations Thoughts

Aramco, the Saudi Arabian oil and gas producer, saw record profits in the second quarter.  They jumped 90 percent while the price of gasoline in the US averaged above $5.00 a gallon. The Saudis made no apology for their success.  They are celebrating.  Meanwhile, drivers in the US and around the world are stewing in resentment and claiming price gouging.  On the surface, it appears that way, but what it doesn't take into account is the Russian invasion of Ukraine and the increase in the price of a barrel of oil as a result of that.  The Saudis are under no compulsion to keep prices low.  They follow the market like every other producer and their low cost of production massively benefits their bottom line.  Could they have produced more to bring prices down?  Yes, but why should they?  Aramco suffered when the price of oil collapsed during the pandemic.  It's the way the market works.