Oil companies are not drilling more because Biden vowed he would bankrupt them by following the Green new deal. Why invest in something when you are that unsure of your future? Wake up.
This whole gas thing is a complete cluster F that isn't going to end anytime soon. It's' going to get way worse.
Like I tried to explain the other day, drillers cannot get parts. I don't know if that is by design or just another casualty of the supply chain, but drill rigs break down, a lot. I mean like every day. No parts, no drilling. If they don't drill they loose their leases. Then the government gets to charge them again for a new lease.
Also, all of the feeder companies are gone now. Oil industry depends upon those small fish to feed the big fish. That isn't happening now.
There are also too few transport companies left, and I don't see that one getting sorted out any time soon. That's why you don't cut off pipelines, stop their construction, or restrict hauling percentages. We also have a shipping container problem, as in we don't have enough port berths, or supertankers, and the law prevents them from shipping domestically. Yeah, maritime law keeps the US from using supertankers to ship oil from ports in LA to ports in CA. It costs to much to ship oil in tiny ships.
There is also a major refinery problem. The US produces the best oil quality in the world. It is light, pure, and sweet. The problem is US refineries need heavy sour. There aren't many refineries that can handle pure light sweet, and it seems none are being built, so we are forced to import oil to refine.
Most US oil is exported to Europe and Asia where they can refine sweet crude. That means we can suck every bit of oil out of the ground and it will mean F'all for the US. That is why US oil companies are enjoying record profits, but not profit margins. The cost to produce is still high.
The lynch pin in all of this is Europe. They import almost everything. They are basically a damned welfare state. Half of their diesel comes from the middle east and the other from Russia. One of those sources is gone, and I am pretty sure we are routing more diesel, gas, and NG their way, to keep the alive, which is causing the price here to rise. I haven't' looked into that, but Pilot J recently had a hearing where the railroad companies have cut back their deliveries by 20% - 50% with no explanation what so ever. I will try and find that video.
Testimony starts at 2:52. it's serious stuff.