Quote:
Originally Posted by Stu from NYC
Do you really think the oil companies are not drilling in the US because of the banks not wanting to lend them money? Seriously?
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Yes, I think the fact they already have about 1,000 permits and are not drilling and the fact that they normally borrow the money to drill and the fact that they are already running at 100% (95% to 98%) capacity combine all those and they are not drilling. Also, don't forget drilling a new well takes a couple years to come online and be productive. So, year, I think a leading contributor is lack of enthusiasm by their banks is a big cause. OH, and lack of workers because of COVID.
Here is an NPR article on it.
3 reasons why Big Oil can't simply drill to ease high gas prices : NPR