Wolf Island Diver
Well-Known Member
In 2021 and 2022 the oil refiners and producers all announced cuts to production. They did this openly. They did it in videos to shareholders and in filings to the SEC. It was covered extensively in the news. Various politicians chastised them for this. The stated reason was that lower demand during Covid had lead to less profits and that they were lowering production in an increasing demand environment to increase profits to make up for that and maximize shareholder returns. This is why, along with cuts by OPEC, oil prices went up. In the first year of the current administration the government made one of the largest, if not largest sales of oil leases to the industry. They’re using them. The industry is sitting on thousands of unused oil leases. It’s not an access to supply issue. It’s a business decision.Really? Very basic economics.... Fuel is a commodity, and is a competitive business, if your competitor decided to scale back production of thier product what would that do to the price of yours? And I suppose next you'll say he has done nothing to decrease our ability to produce..... more product on the market the lower the price, the less product the higher the price.... ya it's just that simple
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