Is cross a oil employee or something. This is bullshit rhetoric when we all know the oil companies have historically sat on leases - because what I said before, they don't want the prices to go down fast or at all. Mostly don't want lower prices. Oil companies around the world have no initiative to pick up production and are happy to see such high barrel prices. They want citizens to get use to 5 dollar gallon prices while they collect 300/400% or more easy profits.
Western oil companies, partly under pressure from investors and environmental activists, are drilling fewer wells than they did before the pandemic to restrain the increase in supply. Industry executives say they are trying not to make the same mistake they made in the past when they pumped too much oil when prices were high, leading to a collapse in prices.
100 dollar barrel is an incredible profit margin, given that for some silly reason we are releasing reserves?
Yea, that got us real far. Oil companies pretty much lobbied for laws to keep the governments from ordering them to raise production or anything to do with their companies.
And again, I also blame their own corporate speculators and buyers for also driving the prices up any time they want. It's bad enough when hedge funds and banks play games with energy commodity prices that the oil company themselves are involved in commodity trading.
I don't recall any laws restricting the oil companies from trading their own product. It's not like shares of stock.
And why are media monkeys screaming cutting off russia oil to US will drive prices up when russia exports less than 1% to the US. Too much bullshit fake reasons to keep production cut to force artificial high prices. Every day is a couple billion profit in their pocket. So, our companies which are already holding down 10% or more in production couldn't make that up in a week? Of course they could. But they and their shareholders are making way too much money right now to slow it down. None of the gas/feed being used right is new. It's a couple months old storage and now they convinced Biden to give them more free reserves. Free because they were written off years ago, and I'm not sure when the last time they topped the reserves off.
Oil is using the russia cut off to continue to control the prices, when russia oil has almost no effect in our country.
Russia produces 10 million barrels of oil a day, or roughly one of every 10 barrels used around the world on any given day. Americans would not be directly hurt in a significant way if Russian exports stopped, because the country sends only about 700,000 barrels a day to the United States. That relatively modest amount could easily be replaced with oil from Canada and other countries.
Market Data 
Markets 
AI
