- Nov 26, 2011
- 123,849
- 59,936
- 2,290
Classic false dichotomy.You aren't making any sense. If the oil companies didn't go out of business under Trump and the demand is high today, why aren't they producing more oil today? Two possible reasons:
1. Biden's environmental policies
2. Oil companies are giving Biden a hearty "Fuck you" by cutting production.
Either way is fine with me, as long as that asshole in gone after 2024.
Hold That Drill: Why Wall Street Wants Energy Companies To Pump Less Oil, Not More
After bankrolling oil companies for years and seeing poor returns, investors are now pressuring companies to keep their oil output lower, instead of higher.
www.npr.org
But even the investors who are sticking with oil and gas are putting a lot of pressure on companies to rein themselves in.
And that makes a big difference. Many oil producers need Wall Street money to fund new wells. Investors control the purse strings. And right now, investors just aren't impressed by how many barrels a company says they can drill.
"Investing for the sake of growth is not what investors want," says Pickering, of Pickering Energy Partners. "Growth got us more barrels. It got us too many barrels. It got us low prices. It got us weak returns."
Less oil, more cash in hand: That, in a nutshell, is what oil financiers are demanding. And in response, executives are vowing that they'll be responsible, and focus on profits over oil.