Oil

[Stewy]

(03-04-2022, 08:59 PM)NATI BENGALS Wrote: Another thing other than all the wells Biden personally capped which could contribute to higher oil prices and less oil production is activist investors. Capitalism.

https://www.cnbc.com/2021/05/26/engine-no-1-gets-at-least-2-candidates-elected-to-exxons-board-in-win-for-the-activist.html

https://www.cnbc.com/2021/10/28/shell-vs-activist-dan-loeb-is-bigger-for-big-oil-than-exxon-board-war.html

A pandemic, the great resignation, and the fact oil prices turned negative for the first time in history in 2020 probably has something to do with why oil companies are not producing more oil. But the more logical approach is to say Biden is solely responsible I watched him cap a well by my house.

Well I did mention in my post above

Quote: 1/3 of the industry had been laid off, drilling budgets had been slashed by 50% industry wide, Oil Shales which made so much money at 100$, were losing money at 40$.  Companies were going bankrupt

Oil companies are in the business of making money, through providing energy.  When things are bad, investment drops, plans are paused, belts are tightened, etc.  I am sure you are not advocating that companies should run at a loss?  

And I say again the negative spike was NOTHING.  It did not hurt the oil companies, it hurt a few speculators.  You really need to step back from the ledge on that negative spike.  It's obsessing you, when it was meaningless.

I'm not responding to the Biden stuff as i do not blame him for the current higher oil prices.  Five years from now when we're dealing with 200$ oil, then I will blame his current actions.