Quote:
Originally Posted by mickey100
Don't forget we have the Ukraine war which has increased the price of oil and gas worldwide. Recently OPEC cut production in order to raise oil prices which translates to higher gas prices. OPEC says it will continue to cut production through 2024, so don't expect gas prices to drop any time soon. In addition, China is re-opening since the pandemic will create a huge demand for oil, which with lesser amounts available due to OPEC, will cause a jump in prices. Big oil, as others have pointed out, is raking in record profits, handing the bulk of those profits to executives and wealthy shareholders.
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Russia invaded Ukraine because they no longer feared the US. We are much weaker because of Joe. Russia calculated the US and Europe's dependence on OPEC and Russian oil would allow them to invade, and resistance from the west would be minimal.
Big oil cut way back on spending for drilling new wells because of fear Biden will cut off the land lease again, causing Billions spent to become worthless (again).
So instead they held on to those funds. It gets lumped into profits. People scream "record profits" without understanding the cause and effect.
Same could be said for anyone on here, given the right circumstances. Just stop buying everything. No food, no clothing, no electricity or gas. Suddenly you have record savings, aka profits. Your future in in serious jeopardy, but lets report those big scary half facts.
How do we fight OPEC controlling the prices of oil?
Allow oil companies to drill again. Grant land leases in places where productive reserves are actually located. Add a clause that if the lease gets altered by the government, or there are other limitations imposed that effect obtaining that well's production, oil company gets reimbursed for all costs spent on that site.
Then oil companies will have safety investing, and Biden won't be able to drive his EV agenda by restricting land leases again. US will be on track to energy independence once again, and OPEC can suffer.