Oil Prices Soar, but American Oil Producers Are Not in the Mood to Drill, Why?

The Ukraine war prompts oil and gas prices to soar, but American shale oil producers are not in a mood to drill, why?

As the war in Ukraine continues into its second month, fears about global oil shortages and costs continue. European countries that have been deeply dependent on Russian oil are now looking for quick alternatives and looking to countries like Saudi Arabia, the United Arab Emirates, Iran and Venezuela to provide them. In the case of natural gas, European leaders are also reaching out to what Campbell Faulkner, chief data officer at OTC Global Holdings, calls “the Saudi Arabia of natural gas”—the United States—to do more to help their ailing NATO allies.

Although the United States ranks 4th in proved natural gas reserves, behind Russia, Iran, Qatar, and Turkmenistan, it is the biggest natural gas producer in the world followed by Russia.

President Biden has heeded the European leaders’ call for more natural gas from America. He committed to send 15 billion cubic tons of liquefied natural gas to Europe through the end of 2022. He has pledged to increase that total to 50 billion cubic tons per year through 2030. But the America oil producers are not in the mood to drill.
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