This AM the House voted down an amendment to a oil and gas bill introduced by AOC that would have prohibited oil companies that buy back their stock from bidding of federal land oil leases.
Likely wouldn't have made much of a difference if it had passed. The reason being is that Big Oil, OPEC and whoever else has a vested interest in the matter has clear as it can possibly be made that they've regained control of the market and come hell or high water they are not going to once again sew the seeds of their own destruction by producing more oil simply because the price at that moment was attractive enough .
It was a nice try by AOC. She at least tried to address the record oil profits. If you're Chevron and you're doing well enough that you raise an already good dividend, hand out executive bonuses AND buy back 75 billion of your own stock....You don't need federal land.....You can go find your own.
Likely wouldn't have made much of a difference if it had passed. The reason being is that Big Oil, OPEC and whoever else has a vested interest in the matter has clear as it can possibly be made that they've regained control of the market and come hell or high water they are not going to once again sew the seeds of their own destruction by producing more oil simply because the price at that moment was attractive enough .
It was a nice try by AOC. She at least tried to address the record oil profits. If you're Chevron and you're doing well enough that you raise an already good dividend, hand out executive bonuses AND buy back 75 billion of your own stock....You don't need federal land.....You can go find your own.