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This article is over 10 years old, but it could have been written yesterday.
https://www.forbes.com/2011/05/10/oil-company-earnings.html?sh=4487d6632dc8
People have such short memories……
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Not a coincidence that this occurred under a different Marxist, i.e., the Chicago community organizer. The ideologues in that administration also put the climate change policy far above any concerns for citizens’ economic viability. The climate activists want to force people to give up fossil fuels by driving up the costs and to create artificial demand by subsidizing renewables. It is a formula that they feel will achieve the outcome they want, but at the cost of great misery. Like every society based upon the taking of value from one group and giving that value to some other, more favored, group, the result is chaos, shortages, disruption, drastic delays and inefficiency. I can’t see how this possibly ends well since the next several generations have not been given anything close to enough guidance to understand the brilliance of the founders’ vision. To the contrary, many scoff, misguidedly thinking our constitutional republic is intrinsically evil. This is dire.
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“Wonder what changed?”
Good question. The price of oil in June 2007 averaged $187. June this year is $108. By he end of 2015 oil was under $40/bl. We were warned by Trump that Biden would destroy the oil industry and Biden himself confirmed it. So why are gas prices today at $108 higher than they were at $187? It’s the government. Cost push increases, regulations, taxes, fees, cancellation of Keystone, the social cost of greenhouse emissions, eliminating tax benefits for producers, refiners have to buy RINs (Renewable Identification Numbers), and inflation. Refineries are being forced out of business which decreases supply. In 2008 there were about 150 refineries now it’s a little over 100.
It’s the government. Public policy changed. Every American is hurt by this and that’s what they wanted. These fools have painted themselves into a corner.
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