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Originally Posted by ithos
It is called the law of supply and demand. There have been several times the oil and the energy exploration sector had been devastated. I know since I have relatives in the business.
Oil was around $50 a barrel in Jan 2020. Then US policy changed and became hostile to new pipelines and oil exploration and drilling. So unsurprisingly oil prices climbed to over $90 pre Ukraine invasion. If you want lower prices and lower oil company profits, then drill baby drill.
I recommend you seek out alternative news sources. Oil Price Charts | Oilprice.com |
My wife commented this morning that every time a person talks or quotes the "rising price of a gallon of gasoline," you should have to show the record profits of the oil companies whining about cost try a comparison to profit too.
The largest fuel Companies Shell Reports Record $9 Billion Quarterly Profit 2022 1st quarter As Oil And Gas Prices Surged
ExxonMobil DOUBLES its profits and intends to triple its buybacks while Chevron more than TRIPLES its profits, raking in it highest returns since 2012
Said it before ... sayin' it again ... Big oil is ripping off consumers and profiteering off of the Ukrainian war.
You just don't start to drill and out of the ground pops oil. Many oil drilling companies in 2020 folded due to the pandemic when oil was a $40 a barrel