Why aren’t US oil producers drilling more as prices rise? ...Middle East

Quartz - Economy

In a free market, the saying goes, high prices cure high prices. If some good or service costs a lot, people will see an opportunity to make money producing more of it, thus driving down the price.Reality is messier. Oil prices have now risen to $104 a barrel. But investments in producing more, as measured by the number of oil rigs actively drilling for oil and gas, have barely responded. Since oil prices bottomed out in the middle of 2020, they have nearly doubled, but the number of new rigs counted by drilling service company Baker Hughes has increased just 13%.https://datawrapper.dwcdn.net/9kczu/1/Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s j

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Last updated : 22 April 2022 clock 09:01 PM

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