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In Reply to: RE: Another popular explanation - posted by Victor Khomenko on May 12, 2022 at 06:27:58
and the oil industry might try to SELL you that reasoning, but that's not how they make decisions.
During the pandemic, smaller publicly traded oil companies with market caps in the billions went belly up.
Check the 5 year history on Whiting Petroleum (I used to work for one of their original founders).
They are not gonna do that again, even with oil prices through the roof.
US Presidents can not influence the price of fungible global commodities, short of starting WW-III. And the major oil companies have the big oil plays in the US sewn up. Texas, New Mexico and North Dakota together represent about 64% of total US oil production. And the big guys own and/or control nearly every square inch of it.
All of this nonsense about federal land and off shore leases is the talk of small timers. Mostly the politically aligned small producers who have few rights in the big plays so they try to convince you that if only they could drill in a national park, all of our energy problems would be over.
You're smarter than that, Vic.
At least I hope you are.
Follow Ups:
It's pretty easy to come to the conclusion when Biden stands at the microphone and basically declares war on the fossil fuel industry. Which he did. And on his first day in office signs an Executive Order to stop the Keystone XL pipeline. Gas prices soar and while they are at the highest price recorded in American history he stops the lease drilling in the Gulf and in Alaska? Explain to me again how that is a good look to the American people.
if the American people are no better informed than you.
And they appear not to be.
Thank you!
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