Well, big oil has technically been caught in lies.
They sit on thousands of leases, many many have been tested and when pressured or commented on like the day at the daily briefing, their excuse is they don't have the funds.
Yet through the pandemic they made record profits and 2021 was another record profit period. Record profit after record profit. Profit means you have money after all costs are factored in.
They made record profits when the oil fell to 5 a barrel. Why is that?
Sorry, he didn't directly say america would suffer without russia crude, I did and added the number and percentage of russia oil we barely use. I believe he implied with europe hurting so will we. We don't have to hurt from this if this narrow market sector would increase production to a realistic level and accept less than 500% profit for a while. The high price of gas has an immediate impact on the working class who drives to work or elsewhere. Goods will start suffering because we won't be able to buy as much. That's part of the insidious evil that is ultra rich owners of oil and opec is what happens to regular citizens who suffer while they buy 600 million dollar yachts.
The price was already run up to the higher levels seen in years so his call on 100 was a good guess.
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