I'll provide my 2 cents on what they're waiting for.Maybe price gouging should also be talked about..The US oil companies are sitting on 9,000 permits to drill on US land..and none of those 9k permits are in operation...what are they waiting for..?
1) Labor shortages (roughnecks, pipe welders)
2) Raw material shortages (steel, sand)
3) Speculative permits taken out on leases that didn't produce and will never be drilled.
4) A financial sector that no longer rewards growth and wants capital discipline.
5) State pension funds pulling O&G investments.
6) Permitted wells that lack infrastructure (pipelines, compressor stations)
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