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06-10-2023, 05:50 AM
I buy back 3 oil stocks counters i sold. I highly doubt we will see oil below $80/barrel for a long time. The Biden administration was artificially keeping oil prices low by draining the spr and pissing the saudis off. Now that the spr is over half empty the administration is limited on what they can do. This is why the Saudis and Russian did massive production cuts to bring oil back up to prices that reflect the actual shortages. Also don count on United States oil companies to make up for the shortfall. With the current administration pushing renewables the oil majors are playing it safe. They would rather increase dividends and share buy back then increase production.
last year the administartion issue 9000 drilling license, bit non was carry out, Big oil coy learn a lesson during coivd. They rather maintain and use the profit to buy back share and pay down debt. Oil well are huge cap exp. and also they worry a recession may be on the horizon..
last year the administartion issue 9000 drilling license, bit non was carry out, Big oil coy learn a lesson during coivd. They rather maintain and use the profit to buy back share and pay down debt. Oil well are huge cap exp. and also they worry a recession may be on the horizon..
