Big profits from US oil companies cause public discontent to change their image

June 06 13:08:33, 2024

Exorbitant profits cause public dissatisfaction with oil companies changing their image
On the New York Mercantile Exchange, the price of light crude oil for delivery in June rose to a record high of US$126.2 per barrel on the 9th. The huge profits of oil companies in the era of high oil prices have once again attracted attention.
"Washington Post" reported that in order to improve the damaged image, big oil companies invested heavily to launch ad campaigns through lobby groups.
Taking the Petroleum Industry Association’s largest lobby group, the American Petroleum Industry Association, as an example, this association has invested tens of millions of dollars and used a variety of media to launch an advertising campaign that lasted for several years. In addition to advertising in major US newspapers and magazines, the advertising campaign also held press conferences in various places, and even invited influential bloggers to visit offshore drilling platforms.
Take this week as an example, the American Petroleum Industry Association published advertisements in important newspapers such as USA Today, The New York Times, The Los Angeles Times, and the Washington Post to explain why the current US gasoline prices are so high. The advertising said that the increase in gasoline prices was mainly affected by crude oil prices and taxes.
The chairman of the association, Reid Cavani, said: "We believe that if we don't do something to help people understand our industry, we will always be a failure." He declined to disclose that the association has invested in the "image project" of the industry each year. How much, but that annual expenditure will not exceed 100 million US dollars.
The image ads of the oil industry have caused dissatisfaction among consumer organizations. These organizations believe that these ads only use data that are favorable to oil companies. Mark Cooper, head of research at the American Consumers Association, said: "This can basically be counted as deceptive advertising. They paralyze the public and prevent them from making a natural and legitimate response."
In the face of criticisms from political circles and consumer organizations, the oil company’s image ads can be targeted. The "Washington Post" commented that these ads are mainly aimed at voters. Oil companies hope that voters will form an impression that rising energy prices are not the fault of manufacturers. The government’s high taxes on energy producers will only worsen the energy price problem.
The president of the American Petroleum Industry Association, Cavani, said that the rise in oil prices after Hurricane Katrina caused a strong reaction from the US Congress that made them realize that the people may have "opinions" with major oil companies. So they began to investigate public opinion and found that The public’s evaluation of big oil companies is quite low.
Cavani said: "This makes us wake up." The American Petroleum Industry Association then began a nationwide advertising and public relations offensive.

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