I’m okay with that. People can vote with their feet and move. (Some people are moving so good for them.) Or citizens should actually vote. Turnout is abysmal so I guessing we are not that mad or just we don’t care or we are just fine with it.
How are they going to create more supply? Refineries are at 94% capacity. There’s a reason a new one hasn’t been built in decades. Does anyone think a Biden run EPA would approve it? Just look at the democrats record with the Keystone pipeline (which didn’t help oil prices).
The oil companies should call Biden on his BS. They should publicly propose new drilling and refineries then put pressure on the EPA to approve them. It’d be pretty easy to calculate the capacity needed to achieve price relief. Then all the pressure is on Biden to approve it.
My guess is they have rights to some oil deposits that aren’t cheap to extract. So not disagreeing that maybe there are cheaper oil rights that maybe they aren’t allow to extract?
Some examples from CEOs in the industry-
Devon Energy Q3 2021 Earnings Call
“We will continue to prioritize free cash flow generation over the pursuit of
volume growth. We have no intention of adding incremental barrels into the
Occidental Petroleum CEO Vicki Hollub
“We have no need and no intent to invest in production growth. Investing for
the sake of growth is not what investors want.”
Pioneer natural Resources CEO Scott Sheffield
“I’ll tell him [President Biden] we have a pact with our shareholders. it’s all
about the shareholders, our shareholders own this company. They want a return
What’s the point of more barrels without more capacity to refine it to gasoline? It makes sense to match oil production with refining capacity. If not, they’d end up having to store the excess oil production and storage isn’t free.