Tomlinson: Biden embarrassed himself by amplifying misinformation about the oil and gas industry
that oil producers are price-takers. Like in all commodity markets, oil companies do not set the price; they have contracts that vary based on a benchmark. West Texas Intermediate is a benchmark for U.S. oil. Brent is commonly used for international sales.
Oil executives are holding back investments because they think today’s high prices will not last. They are also trying to keep shareholders happy by giving them a chunk of the profits, not to mention high-interest rates mean borrowing costs are rising. Option 1) Windfall profits tax: The United Kingdom imposed a new tax on the extra profits energy companies are making from Russia’s decision to cut off natural gas exports. The government found it abhorrent that four of the five largest oil companies made $50 billion because a dictator wants to make Europeans suffer.
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