"More oil as a result of the war"

It's not that I have too little to do.

But I could not tear myself away: Last week, six American oil directors were questioned in the US Congress.

They were grilled lengthwise, by Democrats and Republicans.

For six hours.

But not, as in the most recent hearings, about how things are going with the transition to fossil-free energy or about the darkened climate dangers with oil and carbon dioxide emissions.

Now the questions were suddenly about something completely different: why they do not pump up more oil.

Profits - SEK 660 billion last year - and money for shareholders - SEK 800 billion in dividends and repurchases last year and this year - were summed up and set against the Americans' torments at the petrol pump.

The oil companies were accused of profiting from the fact that the lack and uncertainty surrounding oil after the sanctions against Russia is driving up the oil price.

That they are simply shining the American people.

And that they continue with it instead of quickly as the eye pumping up more oil from more sources, and taking advantage of permits they already have but do not use.

"Climate change and zero emissions"

Several of the oil directors pointed out that they are actually investing in renewables and planning for climate change and zero emissions.

It did not impress the members of Congress in this surrealistic congressional hearing.

For every barrel the oil giants pump up, they bring the world closer to climate collapse.

The International Energy Agency IEA stated last year that no new oil sources can be explored and put into use if the climate is to be saved.

Pension funds and other investors rate the oil companies and they have steadily shrunk in importance on the New York Stock Exchange.

The oil companies themselves are therefore hesitant about investments and new projects when it comes to oil and gas.

When the war in Ukraine broke out, there were 9,000 unused drilling permits on American soil.

But in Congress, they listed the investments they are making in oil and gas after all.

Shell launches several projects in the Gulf of Mexico.

Exxon has been producing for more than fifteen years.

Slate oil production is steadily increasing in West Texas and New Mexico.

Devon is launching 300 new oil wells this year.

But it's not enough.

And now it could be a matter of lifting sanctions against Iran, which would increase oil production there.

Venezuela may also increase production.

Although the Arab countries in OPEC say no to covering up for the Russian oil, they will probably still pump up more as long as it does not lead to a price drop.

Even in the midst of elephants and giraffes in nature reserves in Uganda, money is being pumped into new oil extraction.

Russia pumps oil

At the same time, of course, Russia continues to pump up its oil;

Americans certainly do not want it, and many companies in Europe say no even though sanctions do not force them.

But it can be sold on sale to India and China.

At the same time, the great uncertainty surrounding Russia and the war may keep the price up for a while longer.

It could reduce demand and perhaps speed up the transition to fossil-free.

But it

popular dissatisfaction with "Putin prices" causes politicians to come to the rescue with subsidies.

The Swedish government's thousand dollar bill for car owners and reduced petrol tax is just one example.

So: everyone is talking about the lack of oil, but in reality the war seems to be leading to more oil coming up on the planet's surface.

And very many want to consume it: at the end of the year, oil consumption in the world is expected to be higher than ever before in history.