Glen Boise
Well-Known Member
- First Name
- Glen
- Joined
- Aug 1, 2021
- Threads
- 19
- Messages
- 230
- Reaction score
- 168
- Location
- Kokomo, IN
- Vehicles
- Mustang Mach-E
- Occupation
- Retired
Just remember that Big Oil companies still have thousands of wells, shut down from the days of reduced demand during the pandemic, which for a few dollars they could easily restart adding to the supply. Something they fail to do. They have thousands of oil leases where they could start drilling on today to add more production to the supply in a year or two. Which they fail to do.Totally agree the strategic oil reserve would only have a temporary and minor impact, especially because it is temporary and the market knows it. However, permanently adding additional domestic oil output capacity would have a significant long run impact. Reducing our domestic oil production capacity will have a big impact also.
Maybe we can agree the president shouldn't have that kind of power.
Doing either would undermine their "holy profits". The current "shortage" allowed them to jack up their prices. It gave them record profits during most of 2022. Remember they reported doubling their profits last year. Only reducing their prices after the election, which gave control of the House to friendly, "do nothing" Republicans, and when Democrats started talking of passing "excess profit" laws. The Big Oil monopolist have no incentive to increase production. It would interfere with their profits.
Especially now that it is being reported that those fracked oil wells, which gave us "energy independence", are starting to go dry. Most are expected to go dry during the next decade. Putting us back to being dependent on oil from foreign dictators like the nations of OPEC. Besides, they see the "writing on the wall" that all this "going green" with wind turbines, solar panels and battery electric vehicles spell their doom. Just like they saw when fracked oil and natural gas "dethroned" King Coal.
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