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Big Oil is getting rich, and it has Joe Biden to thanks

President Biden’s policies keep raising oil prices, and that’s just fine with Exxon.

According to the Wall Street Journal:

Big Oil companies are merely benefiting from supply shortages and production constraints the Administration has helped to create. U.S. production remains about 900,000 barrels a day below the pre-pandemic peak, twice as much as Russian oil exports have declined since the Ukraine invasion. “We are underinvesting as an industry in this space,” Mr. Woods accurately explained.

Why, pray tell, is that? One reason is the Administration and European governments have told companies that their products will soon become obsolete. Another is the Administration’s regulatory fusillade against the industry. It has delayed lease sales, dragged its feet on permitting pipelines, and tightened renewable-fuel mandates that raise costs for refiners.

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