“It was attractive at oil prices that then prevailed,” Buffett said of Berkshire’s Occidental bet. “It doesn’t work, obviously, at $20 a barrel. It certainly doesn’t work [at] minus $37 a barrel.”
I didn’t own Occidental but did own others and held them right through that oil depression. Some had to lower dividends temporarily but they kept paying and look very good again now.
Now that Biden is working with OPEC, OPEC is the key. If they start producing a lot more they can bring the price down. It’s their call which way they want to play it.
It’s all about destroying America’s energy independence.
Warren Buffett lost billions in the 2000s trying to run up the price of oil while Bush was President as well.