Since day one of his administration, the fossil fuel industry and its right-wing allies have disingenuously blamed President Joe Biden for increases in fuel prices, falsely claiming the administration was holding back fossil fuel production.
Neither Scott Sheffield, the oil tycoon, nor his former company, Pioneer Natural Resources, are household names outside the Texas oil industry. Nevertheless, Pioneer and other large independent oil and gas producers compete with international oil majors such as Chevron and Exxon, ensuring that worldwide oil prices reflect genuine supply-and-demand dynamics rather than illegal market manipulation.
Keeping a lid on production allows Big Oil to reap monster profits at the expense of the driving public. The ultra-wealthy leaders of the OPEC oil cartel, the 12-country organization that controls nearly 80% of global crude oil reserves, have the power to move prices up and down based on production levels. Ten more countries, including Russia, are known as OPEC+ and collaborate with the cartel.
“I think it would be high time for them to come to an agreement,” Hamm said. “U.S. producers have cut back, we’ve done our part, it would finally make sense for a freeze in production to be implemented.” • While Big Oil has decried the Biden administration for limiting U.S. oil production, in reality, U.S. fossil fuel production has soared under Biden to the highest output in history, largely thanks to U.S. oil exports that hurt Americans.
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