Oil Industry Considering Next Moves

Oil companies: “Deal with it.” Customers: Switch to EVs. Oil Companies: “No, not like that!”
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Oil Industry Considering Next Moves

A drive to energy independence does not remove a country from the global oil exchange. Energy independence only means the country exports more than it imports. The US produces more oil than any other country in the world. With oil prices increasing in Europe due to the Russian invasion of Ukraine, American oil prices reflect the value it would carry if companies exported it instead. 

To drill or not to drill. Federal efforts to combat rising fuel prices have helped some, but many say increasing production by drilling more oil is the solution. Oil companies, however, have reported no intention of expanding production based on rising prices. 

Some say the hesitance to drill is due to investors seeking less volatile energy firms, while others say oil companies are content to enjoy record profits.

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