Big Oil’s Mega Acquisitions Raise Questions About Peak Oil Demand

Last year, Big Oil annoyed their home governments by raking in billions on the back of soaring oil and gas prices. Those were caused by demand exceeding supply for hydrocarbons. The pain was especially great for the Biden administration. Despite its efforts to clip the industry’s wings, U.S. oil booked all-time high earnings. And while most used the money to pay down debt and boost shareholder returns, some set their sights higher and further into the future. Exxon made $56 billion in net earnings last year. This year, it used a…