$125/barrel and rising.

[Jim in CT]

Originally Posted by Pete F.

Now you think that Biden runs the FED?

So you are claiming Biden controls Devon, Pioneer, Continental and Exxon? Or just that he should? Or are you just playing victim as you were taught by the Orange Man you don't really like, but will consistently defend.

What the producers are saying is that they don't care what the price is as long as it is high, and they will control it by not increasing production.

The big fracking companies — Devon, Pioneer, and Continental — burned by multiple boom and bust cycles over the years, pledged in February not to increase production until 2023. “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” Pioneer CEO Scott Sheffield said during a Bloomberg Television interview. “If the president wants us to grow, I just don’t think the industry can grow anyway.”

In ExxonMobil’s February earnings call, Woods said the company’s focus remains on price per barrel over volume. “One of the primary objectives we’ve had in looking at the portfolio is less about volume and volume targets and more about the quality and profitability of the barrels that we’re producing.” he said. “That’s been the focus. And as we move forward, we’ll continue — you’ll continue to see the quality of the barrels or profitability of the barrels increase.”

no, i know biden doesn’t control
the fed. it they have to start raising interest rates soon, which will
slow the economy, only question is by how much. Not Bidens fault, but one more crisis on his watch.

Biden is saying Putin caused the inflation. That’s a. lie, we had massive inflation before we started paying attention to ukraine. america isn’t falling for that.
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