The president continues to attack “greedy” Big Oil, knowing full well the companies have no control over the global price. In 2020, oil collapsed to zero/barrel. The producers and their investors lost billions, hardly something they wanted.
It takes years to build a refinery (only a few small new ones in the U.S. in 40 years) or bring a new well to production, even if permits are readily available (they aren’t.) How much should these companies invest to expand output when their government has vowed to put them out of business?
Fossil fuels will be needed for decades as we “transition” to a green new world. The policies of this administration assure they will be both scarce and expensive.
Ron Wohlust
Dagsboro
