Getting by without a few million barrels a day of Russian crude oil won’t be easy for the global market, but it’s gotta be done. One way to help ease the supply shortfall would be for U.S. E&Ps to ramp up their crude oil production, but the oil patch’s output has remained close to flat — so far at least. Why aren’t producers jumping in? Are the Biden administration’s policies and mixed messages on hydrocarbons putting the kibosh on production growth? Is it a scarcity of completion crews, or pipes or frac sand? Perhaps it’s worries that increasing production would send oil prices sliding and hurt producers’ bottom lines? Or is it all about ESG and the shift by many large investment funds and banks away from anything related to fossil fuels? Possibly all of the above? In today’s RBN blog, we look at what’s really behind the snail’s pace of U.S. crude oil production growth.
I Can’t Go for That (No Can Do) – Why U.S. E&Ps Have Been Slow to Ramp Up Crude Oil Production
