Drill, baby, drill? Not so fast, say crash-wary energy investors – By Joseph Morton (Roll Call) / March 15, 2022
Republican lawmakers say Biden administration policies hinder production, but market experts point instead to a number of non-regulatory factors
High oil prices are hammering American consumers at the pump, but don’t assume they will prompt a boom in U.S. oil production this year.
While Republican lawmakers and some industry advocates have argued that Biden administration policies are hindering production, market experts point instead to a number of nonregulatory factors preventing the industry from rushing into drill-baby-drill mode.
Hunter Kornfeind, an oil analyst for consultant Rapidan Energy Group, said the industry has indicated it expects no more than single-digit percentage growth on average this year.
“Anything above that is going to be very hard to come by just due to the kind of supply chain and inflation constraints that we’re seeing,” Kornfeind said.
CONTINUE > https://rollcall.com/2022/03/15/drill-baby-drill-not-so-fast-say-crash-wary-energy-investors/
