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In Reply to: 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.
First they came for the dumb-asses
And I did not speak out
Because I was not a dumb-ass
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Follow Ups
- You COULD buy that reasoning... - Ivan303 05/12/2207:18:49 05/12/22 (3)
- RE: You COULD buy that reasoning... - www.records 07:44:28 05/12/22 (2)
- It may NOT a good look... - Ivan303 08:00:34 05/12/22 (1)
- RE: It may NOT a good look... - www.records 09:48:41 05/12/22 (0)
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