The era of cheap oil is over. Instead of hoping for lower gas prices, buy an electric vehicle.
Most of the world’s crude oil comes from corrupt democracies or authoritarian dictatorships, some of which market themselves as monarchies. These governments rely on oil companies owned by the government to remain in power.Many members of the Organization of the Petroleum Exporting Countries can produce oil for less than $20 a barrel but paying brutal security forces and operating luxury yachts gets expensive.
Foreign producers know well that U.S. competition is not coming anytime soon. Drilling costs are higher, laborers want better pay, and freedom-loving people refuse to finance Putin’s war crimes. Since 2015, more than 600 oil exploration and production, oil-field service, and pipeline companies have filed for bankruptcy, bringing more than, according to Haynes and Boone, a Dallas-based law firm that tracks oil and gas bankruptcies.
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