Oil

[NATI BENGALS]

(03-04-2022, 09:07 PM)Stewy Wrote: Well I did mention in my post above
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.

The earnings statements of a lot of the major oil companies disagree about 2020. A lot of financial analyst stuff I have read says it was a real spook for oil companies juggling pandemic uncertainty and it led to a decrease in companies spending capital to increase production.

https://www.reuters.com/article/us-usa-oil-exxon-chevron-graphic/exxon-chevron-take-a-slow-walk-on-the-path-to-u-s-shale-recovery-idUSKBN2BL0G8

"We essentially hit a pause button," said Chevron Chief Financial Officer Pierre Breber. "When the world was oversupplied we didn't see the virtue in putting more capital to add barrels."

"Chevron will increase Permian spending from $2 billion now to pre-Covid levels of $4 billion annually “over the course of the next several years,” Breber said, but the company will not increase drilling in the Permian this year. It is currently running about five rigs in the Permian with two completion crews, down from just under 20 a year ago."