Shell, Chevron, and ExxonMobil have raked in record-breaking cash as the average consumer has faced soaring gas prices. Read more about Big Oil's profits, here.
It’s also the reason why the US are so keen on Venezuela. Their oil requires a lot of refining because of how heavy it is. A lot of money for oil companies.
Does requiring more refining translate to bigger profits because they can get away with paying the venezuelans less for it and they control the rest of the supply chain?
Absolutely. It also creates a larger dependency on big oil as they make out that they are the only ones that can refine that oil.
It wasn’t long after Chavez kicked big oil out of Venezuela that the Saudi’s started pumping more oil dropping the oil price massively.
The US then said that Venezuela couldn’t process their own oil and thats what caused their economic problems when that’s not what happened at all.
It’s also the reason why the US are so keen on Venezuela. Their oil requires a lot of refining because of how heavy it is. A lot of money for oil companies.
Does requiring more refining translate to bigger profits because they can get away with paying the venezuelans less for it and they control the rest of the supply chain?
Absolutely. It also creates a larger dependency on big oil as they make out that they are the only ones that can refine that oil.
It wasn’t long after Chavez kicked big oil out of Venezuela that the Saudi’s started pumping more oil dropping the oil price massively. The US then said that Venezuela couldn’t process their own oil and thats what caused their economic problems when that’s not what happened at all.
Interesting. Thank you for the knowledge.
You are welcome.