Oil companies aren't beholding to anyone but their shareholders. Why would a company ramp up production only to have their product be worth less?
the oil industry forecast that they think they can get back to pre covid levels of production by some time next year. Currently their down by 1000 barrels a day and more from those levels. Clearly they have no concerns about a worth less product if they have plans to eventually get back to precovid levels.
Oil executives have said that in light of the hostility they have seen from this adminstration they need assurances that they will not be shut down or impeded by the administration before investing the capital to ramp up production.
like or hate Trump you and i know he would have met with the Oil executives and worked out solutions and beat them silly if he needed to to get the production up and he would have done it last year. he continously showed he was willing to meet with these groups as president.
Biden has yet to meet with our oil executives but has gone to Saudi Arabia to meet with them. The Saudi's position is that they are close to capacity and that any increase in production will be targeted to non producer countries. The united states as a producer country will have to fix their own supply issues.
can we now please stop making excuses for Biden and admit he has thoroughly screwed the pooch?