It’s true I probably should not have said “hoard,” but my remark was based on analysis of capital discipline in the industry, for instance in Barron’s: “barrons.com/articles/oi…” “Chevron’s emphasis on capital discipline, including a tighter capex budget and a pullback in buybacks amid weaker oil prices, reflected a broader strategy to preserve free cash flow, not grow production.” As well, as the Federal Reserve of Dallas’s report on Capex discipline in oil. dallasfed.org/banking/p….

As far as buybacks are concerned, they actually strengthen my point about investors' expectations in the financialized era. As for concerns in the oil companies about expropriation, I am aware, and I wrote about that here: