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Article about why US production is flat and projected to stay that way for the next couple of years.
Given reason: Wall Street wants high prices to firm up bottom lines. Unstated reason--high prices in the US would be to their political advantage going into the next election cycles.
https://www.nytimes.com/2022/04/26/b...smid=url-share
Added: but sustained high prices also play to urgency to diversify away from petroleum. But if petroleum is a non-renewable resource (which it is), pumped only once, then good business logic dictates that one get as high a price for it as possible. As Dogtag suggested, if there is a world with cars in 100 years, they're not running on petroleum anyways.
Given reason: Wall Street wants high prices to firm up bottom lines. Unstated reason--high prices in the US would be to their political advantage going into the next election cycles.
https://www.nytimes.com/2022/04/26/b...smid=url-share
Added: but sustained high prices also play to urgency to diversify away from petroleum. But if petroleum is a non-renewable resource (which it is), pumped only once, then good business logic dictates that one get as high a price for it as possible. As Dogtag suggested, if there is a world with cars in 100 years, they're not running on petroleum anyways.