DarthTrader
Diamond Member
- Mar 29, 2022
- 1,495
- 1,063
- Thread starter
- #81
Oil companies go bankrupt in the US because of the driller treadmill. Which is exactly what returning equity to shareholders and paying down debt avoids.If you count coal. In addition to recovery from COVID there's also been a surge in demand. For the past year big oil has returned profits to shareholders instead of investing in expanded capacity. Plus over 100 US oil companies went bankrupt in 2020.
You can't have it both ways. You can't have US companies drill expensive oil to the point of global prices being cheaper than US shale, then expect them to do anything but go tits up.