Chevron & Exxon heed Biden’s call to increase oil production

[BabyBoomer50s]

As gas prices rose last year, President Biden sent a letter to Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP and Shell demanding they spend their record profits on increasing production. At least two of these companies are answering the president’s call.

Recognizing that rumors of the death of petroleum have been greatly exaggerated, Chevron has agreed to buy Hess and Exxon Mobil is acquiring Permian Basin giant Pioneer Natural Resources.

The Wall Street Journal reports today that this might be just the beginning of a new wave of consolidation and investment spurred by optimism of global demand for oil.

Chevron and Exxon Might Have Kicked Off an Oil Land Grab

https://www.wsj.com/finance/chevron...a12m8ns00bbnz4t&reflink=article_copyURL_share

 

[CenSore]

Buying oil already in production

Means less money to look for

Additional new supplies

It's actually bad

 

[BabyBoomer50s]

Buying oil already in production

Means less money to look for

Additional new supplies

It's actually bad

Smaller producers are being squeezed by higher interest rates and limited capital needed to boost fracking and shale production. Acquisitions by Chevron and Exxon translate into billions in cost synergies.

 

[HisArpy]

So we have 2 giant oil companies buying smaller oil companies and getting giant-er.

Since when is a monopoly a good thing?

 

[ll74]

Buying oil already in production

Means less money to look for

Additional new supplies

It's actually bad

You're an idiot.

What would you say if a Republican were President?

 

[DeluxAuto]

You're an idiot.

Why is this a revelation to you? There's a reason smart people don't engage it on its level.

 

[DeluxAuto]

As gas prices rose last year, President Biden sent a letter to Marathon Petroleum, Valero Energy, ExxonMobil, Phillips 66, Chevron, BP and Shell demanding they spend their record profits on increasing production. At least two of these companies are answering the president’s call.

Recognizing that rumors of the death of petroleum have been greatly exaggerated, Chevron has agreed to buy Hess and Exxon Mobil is acquiring Permian Basin giant Pioneer Natural Resources.

The Wall Street Journal reports today that this might be just the beginning of a new wave of consolidation and investment spurred by optimism of global demand for oil.

Chevron and Exxon Might Have Kicked Off an Oil Land Grab

https://www.wsj.com/finance/chevron...a12m8ns00bbnz4t&reflink=article_copyURL_share

The BidenGood thread is over there, genius.

 

[Sean Renaud]

So we have 2 giant oil companies buying smaller oil companies and getting giant-er.

Since when is a monopoly a good thing?

I dunno but you're a Right Winger so you believe in monopolies being a good thing.

 

[ll74]

Why is this a revelation to you? There's a reason smart people don't engage it on its level.

It isn't.

But thanks for continuing to provide your valuable feedback.

 

[RobDownSouth]

Smaller producers are being squeezed by higher interest rates and limited capital needed to boost fracking and shale production. Acquisitions by Chevron and Exxon translate into billions in cost synergies.

A new era in monopolies! Somewhere, John D. Rockefeller Sr is smiling.

 

[Rightguide]

So we have 2 giant oil companies buying smaller oil companies and getting giant-er.

Since when is a monopoly a good thing?

When it can be used to obscure Biden's role in weakening the US fossil fuel industry.

 

[Rightguide]

I dunno but you're a Right Winger so you believe in monopolies being a good thing.

What a dope.

 

[RobDownSouth]

When it can be used to obscure Biden's role in weakening the US fossil fuel industry.

Yes, yes, everything is Biden's fault, according to you anyway.

 

[Bn2f]

Ah, yes. Yet another safe space thread MAGATs can come to and vent their pent up frustrations from not being able to comment on things like the Republicans in the House and indictment plea deals.

 

[Sean Renaud]

What a dope.

You mean a realist. You hate socialism and stopping monopolies is a socialist plot against the rich. We've been here for years I get how you work. The idea of the little guy getting anything makes you vomit.

 

[Fuzzy1975]

When it can be used to obscure Biden's role in weakening the US fossil fuel industry.

Yes Yes, with the USA producing record levels of oil production, you claim Biden's weakening it. Then answer why the fuck under Trump was it not producing more??? After all what you claim, all the "factual" evidence show the opposite.