Petrol Price crisis......

[Romulus]

Originally Posted by jpd80

The truth behind that right wing nonsense was that the leases taken back by the government were ones that oil companies had shown no interest in developing. Those oil companies still have thousands of leases that have not been developed and won’t be because the oil companies are getting fat off charging higher prices on restricted supplies.

The real issue for the US is a lack of refining capacity since covid, there’s been a backlog of maintenance shutdowns, the refineries that are online are working flat out.

The other point is for all the talk of shortages because of embargos on Russian oil, there are not shortages in fuel supply, just higher prices which benefits all those already rich oil companies….

The American right’s indignation regarding lack of government action on inflation is counterbalanced by silence or lack of criticism of all those corporates making out like bandits on higher prices…..where is the condemnation of their own financial contributors….

It comes down to this, in a free market, how much can a government really do to control prices set by independent businesses, how far could a government go without crossing a line…

The truth behind that left wing response is governments demonising the oil industry, telling them they'll be surplus to the economies requirements as energy will be replaced with wind, solar, renewables and fairy dust.

In the absence of the oil industry spending billions on exploration and drilling they're buying back shares and reporting billions in profit. And why not. Why invest in your industry when governments tell you they no longer want you around.