- Sep 19, 2011
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Biden said in 2019..."I want you to look into my eyes, I guarantee We Are Going To Get Rid of Fossil Fuels”
As a result, Chevron's CEO said...
"U.S. Will Never Build Another Oil Refinery, Chevron CEO Says on 06/03/22
“My personal view is there will never be another new refinery built” on U.S. soil, said Wirth.
“You’re looking at committing capital 10 years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying, ‘We don’t want these products.’”
www.bloomberg.com
Consequently...
With Biden waging war on fossil fuels, the industry is doing what any logical rational organization would do... batten down the hatches, be defensive, don't spend money on refineries, oil exploration anything to increase production AND to get as much cushion RAISE prices!
Plans to pay investors through a new $75 billion share-repurchase program over the next several years.
The industry is proceeding with caution, holding capital expenditures for 2023 below prepandemic levels and saying production will grow only modestly. Chevron has said it plans to spend about $17 billion in capital expenditures this year, up more than 25% from the prior year, but $3 billion less than it planned to spend in 2020 before Covid-19 took root.
Investors’ concerns around environmental, social and governance-related issues are a constraint on the share prices of energy companies, “yet the earnings power of these businesses is superior to the earnings power of companies in other sectors,” he said.'
Both companies expect to slow their output growth this year in the Permian, considered their growth engine. The two U.S. oil majors, which had been growing output faster in the U.S. than most independent shale producers, are beginning to step up their focus on shareholder returns and allow output growth to ease, said Neal Dingmann, an analyst at Truist Securities.
In summary... Biden's war to destroy fossil fuels has cause fossil fuel industry to retrench. To keep from spending AND to get as much as they can from the sale of their existing production. They believe Biden's guarantee! So folks... get ready for higher gas prices, higher electricity rates (remember EVs use electricity mostly generated by fossil fuels... here are the facts: 80% of electricity is generated by fossil fuels...i.e. what Biden guarantees to get rid of!
So as more and more EVs replace gas, hmmm that means more and fossil fuel usage... but wait Biden wants to rid fossil fuels....
Hmmm... So folks be looking forward to not only much higher gasoline costs per gallon BUT your electricity rates will totally skyrocket because of EVs AND because diminished fossil fuels! So stupid!
Biden could have eliminated ALL these negative destructive defensive actions by the "out dated" environmentally damaging Fossil fuels by saying this:
"We need to work with the fossil fuels industry to reduce Co2 emissions and the US government will be helping as we consider the fossil fuel industry a totally important building block of our economy"!
But he didn't!
He was a politician FIRST not a common sense person! He was seeking votes not thinking what was best for the country!
As a result, Chevron's CEO said...
"U.S. Will Never Build Another Oil Refinery, Chevron CEO Says on 06/03/22
“My personal view is there will never be another new refinery built” on U.S. soil, said Wirth.
“You’re looking at committing capital 10 years out, that will need decades to offer a return for shareholders, in a policy environment where governments around the world are saying, ‘We don’t want these products.’”
US May Never Build New Refinery Even With Surging Gas Prices, Chevron CEO Says
Green policy push means billion-dollar investments may be stranded in coming decades
www.bloomberg.com
With Biden waging war on fossil fuels, the industry is doing what any logical rational organization would do... batten down the hatches, be defensive, don't spend money on refineries, oil exploration anything to increase production AND to get as much cushion RAISE prices!
Plans to pay investors through a new $75 billion share-repurchase program over the next several years.
The industry is proceeding with caution, holding capital expenditures for 2023 below prepandemic levels and saying production will grow only modestly. Chevron has said it plans to spend about $17 billion in capital expenditures this year, up more than 25% from the prior year, but $3 billion less than it planned to spend in 2020 before Covid-19 took root.
Investors’ concerns around environmental, social and governance-related issues are a constraint on the share prices of energy companies, “yet the earnings power of these businesses is superior to the earnings power of companies in other sectors,” he said.'
Both companies expect to slow their output growth this year in the Permian, considered their growth engine. The two U.S. oil majors, which had been growing output faster in the U.S. than most independent shale producers, are beginning to step up their focus on shareholder returns and allow output growth to ease, said Neal Dingmann, an analyst at Truist Securities.
In summary... Biden's war to destroy fossil fuels has cause fossil fuel industry to retrench. To keep from spending AND to get as much as they can from the sale of their existing production. They believe Biden's guarantee! So folks... get ready for higher gas prices, higher electricity rates (remember EVs use electricity mostly generated by fossil fuels... here are the facts: 80% of electricity is generated by fossil fuels...i.e. what Biden guarantees to get rid of!
So as more and more EVs replace gas, hmmm that means more and fossil fuel usage... but wait Biden wants to rid fossil fuels....
Hmmm... So folks be looking forward to not only much higher gasoline costs per gallon BUT your electricity rates will totally skyrocket because of EVs AND because diminished fossil fuels! So stupid!
Biden could have eliminated ALL these negative destructive defensive actions by the "out dated" environmentally damaging Fossil fuels by saying this:
"We need to work with the fossil fuels industry to reduce Co2 emissions and the US government will be helping as we consider the fossil fuel industry a totally important building block of our economy"!
But he didn't!
He was a politician FIRST not a common sense person! He was seeking votes not thinking what was best for the country!
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