Gas prices are high. Oil CEOs say Wall Street is to blame

[Yo_Mama_Been_Loggin]

The US oil industry doesn't appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.

For years, the boom-to-bust oil industry spent lavishly to fund all-out production growth. US oil output skyrocketed, keeping prices low. Yet sustaining profits proved elusive. Hundreds of oil companies went bankrupt during multiple oil price crashes, leading investors to demand more restraint from energy CEOs.

Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.

https://www.msn.com/en-us/money/markets/gas-prices-are-high-oil-ceos-reveal-why-theyre-not-drilling-more/ar-AAVs7rm

What these assholes are saying is that shareholders are more important than customers.

[C_U_L8R]

1. Sounds like an argument for nationalization.

And a cowardly deflection.

[rockfordfile]

2. Oil companies with Russia or USA?

[ymetca]

3. Yeah, I'd like to see

a Green New Deal on steroids right about now -- solar panels on every roof in America, courtesy of Uncle Sam, and tell that whole cabal just where to stuff it, 'cause we're moving on...

Perchance to dream!

[IronLionZion]

4. They love those sweet profits

knowing fully well people will blame Biden or windmills or the tooth fairy.

[Boomerproud]

5. Yes, and it works like a charm every time.

Go ahead Congess, have your useless hearings.