If this is true then the oil industry ought to be nationalized. The economy ought to work for the whole of the public, not just for shareholders. Typical oil CEO’ “our shareholders demand a hefty return.” Me “Fuck you and your shareholders! This country isn’t just for you.” The economy ought to work for the vast majority of the people, not just those who already have more than enough.
In terms of nationalization - why stop at oil?
None of these people are concerned about your best interests.
Foreign countries and OPEC manipulate their oil production to influence US Presidents all the time.
Is it possible that US firms are manipulating oil production to mess with Biden?
Or to make people unhappy enough to vote Democrats out of office?
Do corporations have political agendas?
Investing in future production only makes sense if there is a long term (or at least medium term) market. The reason that no one is investing in oil production is the administration has promised to make oil obsolete before those investments could possibly pay for themselves. If the government wants oil companies to invest in more production, it doesn’t need to nationalize anything. It just needs to implement policies that insure oil production and refining facilities will have markets in ten years.
Oil companies aren’t messing with production to influence politics so much as they are just taking politics into consideration when determining how to invest. There isn’t a bunch of spare capacity that can be turned on and produce right away with minimal capital investment. There are opportunities to invest, but they won’t produce for until sometime next year at the earliest and won’t produce a positive return on that investment for years after that.
I’d love it if the government would insure my market for 10 years.
What a lot of people may not be aware of is that Trump was in a price/production comparative advantage war with Saudi Arabia for the several years that gas prices plunged.
We were proving to the world that not only do we have the ability to out-produce, but we can do it for less.
I do strongly believe that aside from the russian oil thing, there are spoken agreements at high levels to do what the petro industry can to make Bidens presidency look like a total shit show. (As if he needed their help…)
We (the US.) have already proven that we have the ability to not just meet our own needs, but to become a net exporter.
What does this word vomit mean?
Interesting. Is this your way of publicly announcing that you are going to begin competing with oil companies?
What does this mean?
I’m not arguing that the government should insure the market. I just don’t think it’s reasonable to expect oil companies to take a risk that they have judged to be unprofitable unless you insure them against that risk.
Also, in fairness, it is the government that is creating that risk. It’s not so much asking the government to insure the market as simply asking the government to commit to not making the market illegal.
From each according to his abilities, to each according to his needs.
I agree. However, you gotta start somewhere. Show the people how bad they are being ripped off.
They do what they do for short term profits. That is the main concern.
Make excuses for their short term profit mania all you want but Biden doesn’t care about the environment so why would he stop oil production? He is famously quoted as saying “nothing will fundamentally change” if he is elected. Seems to be the only campaign promise he is keeping. And he said himself "“he is not banning fracking”. So much for environmental concern. He is only concerned with his campaign donors desires.
You gotta do a better job at bribing them.
I have heard that we are exporting now. Not sure if it rises to the level of being a net exporter.
Why not? The private sector can’t do it.
Can you not read English?
Bwhaha… You think there is a such thing as competition.
WTF are you even talking about?
And I don’t think it’s unreasonable to bring up for prosecution those who purposefully create a financial strain in the public for more profits.
And if his abilities includes ripping off the public, then I assume you’re okay with that?
So more for those who already have more than enough.
It would be unethical to buy Oil company stocks to try get a piece of their record stolen profits.
But is it OK to invest in some kind of energy index fund from the least evil financial bros out there to get a cut indirectly?
I’m guessing @Silyak meant that the government needs to stop trying to kill off the oil industry. Get rid of dumbass fuel economy standards for new cars, etc.