The Texas wildcatters that ushered in America’s shale revolution are resisting the temptation to pump more oil as the market rallies, signaling higher gasoline prices for consumers already battered by the worst inflation in a generation.
Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert Southwest to the Upper Great Plains -- but not this year. Influential players like Pioneer Natural Resources Co., Devon Energy Corp. and Harold Hamm’s Continental Resources Inc. just pledged to limit 2022 production increases to no more than 5%, a fraction of the 20% or higher annual growth rates meted out in the pre-pandemic era.
Shale giants swear they won't drill more, even at $200 a barrel
The timing couldn’t be worse for consumers, but the message from shale country is loud and clear: the independents won’t repeat the mistakes of the past by flooding the world with cheap oil.worldoil.com
So much for the inflation excuse.
Hilarious!
How many seats are the Dems going to lose in November? 30? More?
The president has nothing to do with the price of oil unless he starts a war or something.
