Oil Execs Pressured by Investors

In the article linked below, Tyler Durden writes, “The US oil industry is making huge payouts to investors instead of investing in future output, according to a Bloomberg analysis. Shareholders in US oil companies gained a $128bn windfall last year as companies prioritized returns such as dividends and buybacks over finding untapped crude reserves.

China's rapid reopening following Covid-19 lockdowns has caused worldwide oil demand to soar toward an all-time high, and some analysts forecast $100-a-barrel crude in the coming months.

However, there are concerns about the long-term prospects for fossil fuels, with investors skeptical that demand for them will continue as the world shifts toward electric cars and battery farms.”
https://www.zerohedge.com/markets/oil-investors-enjoy-128-billion-bonanza-defying-bidens-orders

It might be worth noting, you cannot make EVs or batteries until AFTER someone drills an oil well.

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