Why should they lower prices? What sense would that make. They would be nuts. Their stock price would crater. The oil services industry would tank. The only short term solution is more drilling and more refining. No other option. Well one...a full on recession.
Exactly. Plus they would face a shareholder lawsuit for breach of fiduciary responsibilities, and we'd have an immediate shortage of supply. But Levante, don't let that distract you from your socialism.
“The only short term solution is more drilling and more refining”
Agreed—but do you see that happening? We have pressure NOT to drill, not to build more refineries...supposedly, the last refineries were builit 30 years ago.