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Except that oil is nowhere near that expensive in reality, and oil companies aren't buying oil at anywhere near that price. The reason it's expensive in Europe
by wyuenho 4y ago
Except that oil is nowhere near that expensive in reality, and oil companies aren't buying oil at anywhere near that price. The reason it's expensive in Europe now (for consumers) is because the EU lump oil and gas together into one price, and gas is expensive, so oil got expensive, but the oil companies haven't paid nearly that much to buy it in the first place. That's why they are having a massive windfall and the EU is going to tax them.
These are all problem can be solved by capping oil price. Oil is a buyer's market, the US and Canada are producing so much of it, if OPEC+1 reduces output, it just amounts to a suicide for them.