Brains and batteries Major oil firms are calling attention to the fact that the oil industry is NOT expanding production in response to widespread increase in demand for oil. The CEOs of oil majors are tired of getting beat up when their profits surge as gas prices rise. Years ago when demand surged frackers dove into the market and suddenly the US was the world leader in oil production. Fracers then got wacked for environmental damage/risk involving fracing. Once gas prices moderated, fracers were left with VERY high cost supply and no market for it. Exon's new chief said we will not repeat that experience.
Exon's chief suggested oil consumers, govts, advocacy groups do a better job managing demand. Every family does NOT need an SUV. PUBLIC TRANSIT is much better than years ago, meetings over ZOOM save airplane fuel etc.
Japan and Germany have incorrectly lowered their use of nuc energy. France and most recently Rumania have shown leadership on nuc power. In the meantime the EU is planning enormous increases in its renewable power-only 16% of EUs power comes from renewables . Both wind and solar need batteries as do EVs. Fortunately for us CRE is soon going to enter the battery business.
Seems to me a lot of short term thinking is dominating today's stock market.