Reply to $7/gallon gas is coming

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[quote=Anonymous][quote=Anonymous][quote] It’s the Biden admin promising to put the oil and gas industries out of business in ten years.[/quote]

And what does that have to do with the real world? Oil companies are producing at record or near record levels, so supply there isn’t low. But demand is high.[/quote]

The governmental posture (hostility) has contributed to less investment in the space (both upstream and midstream).  You seem to be surprised that after hostile rhetoric directed at the industry and acknowledgment that broadly speaking the left of center wants the industry to die,  the industry has become cautious about growth.

I wish I could find other accessible links b/c this is sort of outdated.  You may not understand exactly what the EIA is telling you here, but I assure you it is scaring the crap out of everybody that does understand it. Essentially, production has remained flat due to the destruction of inventory. Drilled uncompleted wells are tomorrow’s producing wells and they are in clear decline. Some of the issue is supply chain related, some of it labor, but some of it is because of broad negative investor sentiment driven in (large?) part by perceived risk of long term decline of the industry.

https://www.eia.gov/todayinenergy/detail.php?id=49456

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