As of Friday, Berkshire owns 91.2 million common shares of the oil giant. They’re worth $5.1 billion at tonight’s close of $56.15. The stock gained 18% today and 45% this week. It’s been moving sharply higher along with the price of oil, which has soared to around $115 barrel in the wake of the Russian invasion of Ukraine.
U.S. oil production is back and set to increase in 2022 after more than a year of OPEC and its allies “running the show,” according to Daniel Yergin, vice chairman of IHS Markit.
Output could rise by as much as 900,000 barrels per day, he told CNBC’s “Squawk Box Asia” on Wednesday.
In the face of a global energy crisis, America is forced to beg Iran, Russia and Venezuela to increase its supply of oil. America has one of the largest accessible oil reserves in the world, yet we insist on remaining dependent on our adversaries for our energy supply. To protect American families, jobs and businesses, we must once again seek true American energy independence, through our domestic resources.