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by VintageCool 1367 days ago
The pandemic made oil drilling + refining look like a bad investment, so the industry underinvested in new oil resources. Then Putin cut the oil and gas supplies to the world in an attempt to extort Europe into standing aside and accepting his conquest of Ukraine.
2 comments
throwA29B 1367 days ago
>Then Putin cut the oil and gas supplies to the world

It was (most of) EU and US that decided to stop buying oil from Russia. Everyone else keep doing it. EU and US can do too, just don't want to.

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yyyk 1367 days ago
In addition, there was an explicit push by the Biden admin to make drilling less profitable (less permits, increased oil royalties, increased investor reporting requirements, and a PR push). It's not politically useful anymore - even the admin can't continue this while sanctioning Putin for his war of conquest - so people pretend it did not happen.
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