RE: In capatalism, should price goguing by oil comps be allowed?

Posted on: June 11, 2022 at 11:36:02 CT

Oil is a commodity. Oil companies have no more ability to set that price than a farmer can dictate the price of corn. Oil companies prosper and fail due to the price of that commodity. In the just over 3 decades I've worked in the industry, I've seen at least 20 layoffs. The lean times have far outweighed the prosperous times in my career. Much of the future oil output of the US (and the world) will be explored for and discovered in the good times because companies have the cash available to invest unlike the bad times where exploration budgets are severely restricted. Prices will come down as a result.