Is Biden Right About Oil Companies?

[Rajoo]

Originally Posted by whell

We need to increase both refining capacity and supply, and we keep shooting ourselves in the foot, seemingly able to do neither very well.

Who is the we? Aren't they private companies, the epitome of Republican capitalism?

Its already clear that oil producing countries have no desire to increase supply. The US alone cannot do it since we are faced with future decrease in consumption of oil for both power generation and ICE powered vehicles. Most of the new power generation is solar and the car manufacturers are quickly migrating to EV technology. One of the iconic muscle cars built in the US since the 60's, The Dodge Charger is going EV next year, Mustang is already Mach-E with Camaro soon to follow. I am betting that within the next decade, most local delivery trucks, buses and vans (if not the semis) will be electric. So demand for oil is going to plummet.

So where is the increase in demand? Without that, supply cannot increase.

PS: Last I read, our refineries are still operating below capacity.