September 26, 2022
Warren Buffett has been safe with Occidental Petroleum (OXY) for many years in order to get future profit.
There is no new oil company which will give challenges to existing players in the petroleum industry.
Mr. Buffett has the ability to achieve profitability without too much investment.
The Russo-Ukraine and global reaction has demonstrated the importance of energy independence
G7 leaders have discussed clean energy and reducing carbon emissions a year ago.
Mr. Buffett understands that we will be more dependent on crude oil and natural gas in 2050 than we are today.
The barriers to entry in the oil and gas sector are solid which include the need for costly assets, high startup cost, technology, government and environmental regulations, and high operating costs.