This is, well, interesting... Hmmm...
https://twitter.com/Forbes/status/1537527217055584257
Reporter: "Why not just drill more here in the US though?"
Karine Jean-Pierre: "Because we don't need to do that. What we need them to do, is with the oil that's out there, we need them to refine that oil."
Fact is - no one at EM wants refining or processing to happen right now.
There must be a shortage of these consumer products. Necessity.
On the other hand, the crude and such must be sold in limited amounts.
Or, rather, be made available in limited amounts.
You all have heard of supply and demand, right?
The 'natural' market, free trade, capitalism, right?
Easy fracking operations have been completed. Low hanging fruit has been picked so new ventures are more complex and risky in various ways.
Russia and Ukraine manufacture a large amount of oil country tubular goods (OCTG)...casing and tubing. This is in very short supply right now. Each well needs anywhere from 4 to 6 miles of steel casing and tubing. Companies will start laying down rigs or DUCs will increase once the OCTG inventory is short.
Please think about mother earth. No more fracking.
Actually frackers don’t want to drill more and this is the faster way to more oil at this time. standard oil wells onshore or offshore takes months to years to get them to production. Oil companies own enough leases in federal lands that if they wanted to drill, they sure can.