Made sense at 50 a barrel, does it at 70?
Regardles, when oil companies are reporting record profits the timing of such and issue couldn't have been worse.
"Made sense at 50 a barrel, does it at 70?"
Try it "made sense at $28."
A deals a deal.
The gov got the benefit of exploration at $28, when it was unprofitable for the oil companies to do so. So NOW the govenment should be allowed to renig, while the oil companies are recouping the money they LOST?
Oil is cyclical; to change the deal on the upside of the curve is having your cake and eating it to.