Actually, Big Oil's record stock buybacks are exactly the climate leadership we demanded
For three decades, the environmental movement begged fossil fuel companies to leave the crude in the ground. Now that they are finally doing exactly that to artificially inflate their share prices, the supposed climate movement has the nerve to complain.
The financial press is currently apoplectic over the state of global energy markets, and frankly, it is exhausting to witness such a profound lack of vision. The Middle East remains a geopolitical powder keg, shipping lanes are severely disrupted, and Brent crude is hovering at eye-watering levels. Consequently, the oil supermajors are reporting quarterly profit margins that rival the gross domestic product of mid-sized European nations.
Yet, the usual chorus of progressive voices and populist politicians are absolutely furious. They point out that despite this unprecedented ocean of capital, companies like ExxonMobil, Shell, BP, and Chevron are flatly refusing to ramp up their production. The rig counts remain stubbornly stagnant. The exploration budgets are entirely frozen. The drill bits are sitting quietly in their sheds. Instead of expanding operations, these corporate titans are executing massive share repurchases and showering their investors with historic dividends.
To read the op-ed pages of my supposedly forward-thinking peers, you would think this was a tragedy. They are screaming about corporate greed. They are demanding the government step in and force these companies to lower prices by flooding the market with cheap crude. It is frankly embarrassing to watch the environmental movement completely abandon its principles the moment a gallon of unleaded crosses the four-dollar mark.
