Quote:
Originally Posted by Jim in CT
for the 100th time ( will it ever sink in with you?), he’s partly responsible for gas prices.
it’s not his fault gas went up when covid waned and demand increased.
it’s not entirely his fault that gas went up because russia invaded ukraine.
he is 100% responsible for the degree to which gas went up because he is rightly seen as unfriendly to fossil fuels
Posted from my iPhone/Mobile device
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You skipped the major price driver
The big fracking companies — Devon, Pioneer, and Continental — burned by multiple boom and bust cycles over the years, pledged in February not to increase production until 2023.
“Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” Pioneer CEO Scott Sheffield said during a Bloomberg Television interview. “If the president wants us to grow, I just don’t think the industry can grow anyway.”
In ExxonMobil’s February earnings call, Woods said the company’s focus remains on price per barrel over volume. “One of the primary objectives we’ve had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we’re producing.” he said. “That’s been the focus. And as we move forward, we’ll continue —
you’ll continue to see the quality of the barrels or profitability of the barrels increase.”