Much of the blame for record pump prices has been directed at so-called “Big Oil” companies and their renouncement of the “drill, baby, drill” philosophy in exchange for a focus on investor returns.
Though simple supply-demand dynamics, refining constraints and a general hostility toward oil and gas development are the primary reasons for skyrocketing energy prices, it is true that publicly traded U.S. oil production companies are being more conservative with their drilling plans after years of operating in the red.
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