« Reply #2927 on: November 08, 2022, 11:18:19 AM »
It's also a gross oversimplification of what happened.
American oil companies could have afforded to increase production during during the recovery.
During the pandemic, due to the combination of low demand and high production by OPEC, the cost of domestic [fracking] production largely exceeded the low price. This led to losses and they cut production.
During the recovery, the combination of higher demand and lower production increased prices, making domestic production profitable.
Instead of increasing fracking production, as the historical models would indicate, domestic producers chose to pay dividends, and blamed it on the "regulatory environment."
But but but government handouts…
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