Is your position that oil companies under-invested in oil refineries, which are now being decommissioned due to being out of repair, because Trump was radically anti-oil? I don't think oil companies even believe that Biden will have a friendly legislature in 2023...
This reeks of "something I might believe after a beer listening to a cable news channel but not something I would bet $150K on". Again, I tend to ignore what people say and simply ask: "what are you doing with your money?"
If the answer has anything to do with your political emotions, well, good luck mate.
Refineries don’t fall out of repair overnight. Underinvestment is strategic, market-driven, and goes back over two decades. Politics is an excuse, and blaming a current crop of politicians for 20 years of underinvestment is prime facie bullshit.
I'm not sure who you are talking about.
Domestic producers start talking about "switching modes to returning value to shareholders" in mid-2020.
We were headed for higher oil prices regardless because shale producers were sprinting to stand still in terms of production. The pandemic certainly pulled that future forward. Certain other politicians orchestrating supply-side cuts without demanding price stability on the rebound [1] -- despite obvious impending bullwhip -- probably didn't help.
Generally speaking, though, when it comes to oil prices, it's best to avoid discussing politics and let your personal investments do the talking. I've been selling XLE.
[1] https://www.nytimes.com/2020/04/12/business/energy-environme...