Oil and gas are Texas' weapons against tyranny. But Big Oil focused on profits, not drilling.
The best tactic to stymie Putin’s aggression is to stop buying Russian oil and gas. The trick, though, will be to replace all of Russia’s exports so countries don’t suffer from their embargoes, and that means producing more in Texas.
U.S. oil firms say they are committed to providing affordable and plentiful energy. If true, they should step up production in the short-term while developing clean energy alternatives for the long. But CEOs at the largest companies are more interested in profiteering.. Chevron booked $6.3 billion and has promised $10 billion in buybacks this year. Total Energies collected $4.9 billion in profit and may double share repurchases this quarter.
Oil companies reported their highest earnings in years, but none announced significant plans to increase oil and gas production. By meeting investors’ demands for higher returns instead, Big Oil boosts its share price, keeps consumer prices high, and collects windfall profits. I understand executives are worried about ramping up production only to see prices drop if the war ends or if OPEC breaks its alliance with Russia. But Putin’s hold on power is strong, his readiness to kill tens of thousands of people is proven, and his intention to keep fighting is clear.
Maj. Gen. Rustam Minnekayev, acting commander of Russia’s central military district, described a plan
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