Obama Drives Dagger into Big Oil’s Back
By MONEY MORNING STAFF REPORTS
Big Oil’s death spiral just hit overdrive, and things are getting really ugly, really fast…
In the most ruthless act of his term, President Obama just proclaimed he’s ready to hit Big Oil with a crippling $10 per barrel tax.
Oil was already on life-support, with prices dipping to a 13-year low of $25 per barrel. But Obama just pulled the plug, and the end is near.
“This is the end of fossil fuels,” confirms CNN.
And billionaire energy investor John Arnold agrees, saying: “half the U.S. energy industry will be bankrupt in 6 months.”
Already, Exxon revenues plummeted $143 billion in a single year.
BP announced its biggest loss ever, is set to cut 7,000 jobs, and saw $6 billion of its market cap evaporate in a single day. And Chevron reported a staggering $588 million loss for Q4 alone.
Billionaire investors are throwing in the towel. For example, Warren Buffett dumped his entire Exxon position worth over $3.8 billion. Bill Gates unloaded nearly $1 billion worth of oil stocks.
George Soros couldn’t get out of oil fast enough, selling off multiple positions…
