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Originally Posted by bdub
They have our back in the sense that they are going to keep a floor under the price of oil. They have been pretty clear on that for some time and OPEC compliance has been strong lately. They are all in cahoots. Biden putting the brakes on refilling the SPR at 72$ was probably the last straw for OPEC.
Plenty of Canadian oil companies are still making gobs of money at 70$ oil. Part of the low valuation multiples put on these companies are due to the fact that oil prices can be very volatile. OPEC putting a floor here should help increase those multiples. Hopefully anyhow. We'll see.
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It’s a pretty simple plan use emotionally charged Climate propaganda to sway public opinion. Then back political parties who will use that public support to introduce regulations and reduce the number of competitors. Also back Climate protestors to ensure no new infrastructure is built.
The goal is the complete shutdown of the North American energy industry. OPEC’s monopoly was under threat when North America was producing enough to support itself. Valuations won’t matter when the industry is regulated to the point of collapse.
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“If all mankind minus one, were of one opinion, and only one person were of the contrary opinion, mankind would be no more justified in silencing that one person, than he, if he had the power, would be justified in silencing mankind.” John Stuart Mill
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