16OCT2021 – Word On the Street

A good friend of mine who spent a lot of his younger days as an engineer for the likes of Exxon or whatever they were called back then in the oil fields of Saudi Arabia says he’s heard from old friends that Joe Biden’s fervent requests for the oil companies to pump more oil (somehow) have been met with polite evasions like, “We’ll look into that.”  Meanwhile they’re laughing up their sleeves and watching as a barrel of crude approaches the $100/bbl mark with nothing but upside into the foreseeable future.  His advice to me is buy oil stocks.

Hey Joe, why not build some more wind turbines or how about a billion solar car charging ports?  Not quite there on those renewables are we?  Oh Joe, you’re gonna be an awfully popular guy this winter when fuel bills double in New England.  Awfully popular.  Sucks being a Democrat coming up for re-election.

But the bad news for us is that inflation is going to be pretty awful for the foreseeable future for all of us.  Maybe buying oil stocks isn’t such a bad idea.  Now I just have to find some money to buy them with.  Can I sell the dogs?

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Chemist
Chemist
1 month ago

The sad thing is that anyone with an IQ above room temperature could have seen this coming. First day in office – kill the Keystone pipeline. Now beg Russia and OPEC for oil.
I’m no expert, but I think these things might be connected.

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