Democratic governor warns against 'echoing Socialist Party lines' and forcing Big Oil to drill- Gas prices in the U.S. keep going up and up, and Washington's Democrats have found a convenient scapegoat for the pain inflicted on American drivers — Big Oil.
"...But halfway around the U.S., the
Democratic governor of an important oil-producing state has a different message: Oil companies might have good reason to be wary of amping up production...
- First, oil companies need long-term price stability. If a company moves now, it could lose out if prices drop before new oil actually starts flowing. It “could be in six months, it could be in a year,” Polis says of the lag each company has to factor in...
- A company like Exxon (XOM) surely remembers investing over the last decade and then posting a net annual loss of $22.4 billion for 2020, the largest in its history.
- The oil giant survived but many smaller companies failed. In a recent oil bankruptcy report, the Texas law firm Haynes and Boone documented more than 600 industry bankruptcies from 2015 through 2021...Read all.
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