High oil prices are hammering American consumers at the pump, but don’t assume they will prompt a boom in U.S. oil production this year.
While Republican lawmakers and some industry advocates have argued that Biden administration policies are hindering production, market experts point instead to a number of nonregulatory factors preventing the industry from rushing into drill-baby-drill mode.
Hunter Kornfeind, an oil analyst for consultant Rapidan Energy Group, said the industry has indicated it expects no more than single-digit percentage growth on average this year.
