It looks like rising gas prices aren’t going anywhere.
Exxon Mobil chairman and chief executive Darren Woods warned that oil markets might be turbulent for the next five years.
Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic.
Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years.
Speaking ahead of ExxonMobil’s unveiling as the fourth international partner for Qatar’s natural gas expansion, chairman and chief executive Darren Woods said major uncertainty lies ahead.
“You are probably looking at three to five years of continued fairly tight markets,” Woods told the Qatar Economic Forum. “How that manifests itself in price will obviously be a big function of demand, which is difficult to predict.”
If Biden doesn’t fix his energy policies this will only get worse.
Biden has tried to blame Oil Companies for the rising prices – that doesn’t stand up to scrutiny.
Michael Maharrey via SchiffGold.com penned an Op-Ed showing that the corporate greed line simply doesn’t add up.
The whole corporate greed narrative doesn’t stand up to data analysis. And it doesn’t make any sense intuitively.
One simply has to reason through the claim to uncover the absurdity. If corporations can willy-nilly raise prices and enjoy “excessive” profits, again, why don’t they do it all the time? Did corporations suddenly get greedy in 2021? And why did the Federal Reserve spend a decade fretting about inflation (price increases) being “too low” as it struggled to hit its 2% target? Was there not enough corporate greed before coronavirus?
It’s pretty clear there has to be something else going on. But corporate greed is a convenient explanation, and the narrative continues to grow because the average American doesn’t understand inflation or basic corporate accounting. That includes a lot of the people writing about inflation in mainstream and left-leaning corporate media and most meme-makers on social media.
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