Many politicians are quick to blame oil companies, but the market is much more complicated than that.
There are some major misconceptions when it comes to oil and gas prices.
At that time, he tweeted: “Just spoke to my friend MBS of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!” Moments later he tweeted “Could be as high as 15 Million Barrels. Good news for everyone!”
It’s perfectly legitimate to discuss how ExxonMobil benefitted from the OPEC production cuts and Russia’s invasion of Ukraine. It is a fact that the U.S. energy industry has benefitted, and that is at the expense of U.S. consumers. I understand why people are angry about this, but their anger is misdirected.
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