Now let’s talk about the oil price. Biden is blaming the oil industry for the high prices he said “Exxon made more money than God” this year and aren’t drilling/ investing to keep prices high. #OOTT #US
First of all, investing in upstream today doesn’t mean that you immediately get an increase in capacity it takes time. Previous pressure to speed up the energy transition also prevented funding to reach the upstream industry. #OOTT
Will adding more oil now bring down prices? I don’t think so. The market at the moment is facing a oil products crisis, limited refining capacity and that’s why prices are high at the pump. #OOTT
The reason you are seeing these numbers today and will see even higher prices is because of YEARS of under investment in the upstream industry. #OOTT 
So what can be done now? Stop villainizing the upstream industry, encourage investments (including production of cleaner fuels) and be realistic about the pace of the transition and what it can really deliver. #OOTT
• • •
Missing some Tweet in this thread? You can try to
force a refresh
