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Political Discussion
Reply to "$7/gallon gas is coming"
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[quote=Anonymous][quote=Anonymous]One of the principle reasons for historic profits is lack of meaningful reinvestment by the oil industry. They aren’t going to build new refineries. They aren’t going to drill new wells. They’re not going to upgrade their infrastructure with major capital expenditures. Instead they’re sending billions on dividends and stock buybacks. [/quote] Oil industry is very much a boom/bust industry. They had losses for most of 2020. My mom inherited some part ownership of an oil well and this past year is the first year in many years she is not losing money on it- in prior years, the cost of the oil recovered from that well didn't cover the costs to operate the well and she actually had to send them money. (Note-she would have offloaded it years ago but she has no idea how to sell it). [/quote]
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