Big Oil Is Not Dancing To Government Tunes. Period.

Several days ago, President Biden made a media splash when he threatened oil companies with windfall taxes and “other restrictions” if they don’t stop returning cash to shareholders and start investing this cash in more oil production. The industry, via the American Petroleum Institute, responded with yet another reiteration of the fact that the oil market is a global one, and producers don’t have complete control over prices because it is also a free market. Oil producers, big and small, did not react to the U.S. President’s…