I’m not aware of anything stopping companies from completing DUCs and/or drilling new wells in the Permian. But companies are playing it safe and not increasing activity, which I don’t think has anything to do with Biden.
Only time America has affected the spot price of oil in the last couple decades is when the Iraq War sent the price of a barrel of light sweet crude into the stratosphere for like four years. Four dollar, five dollar a gallon gas, that was sweet.
Because OPEC control the global market price.
unless Abbott is suggesting socializing oil industry in America like Iran they America can set the price to anything they want.
From what I understand the US, Canada, Mexico, and Russia all have equivalent amounts of oil to the Middle East gulf states. The issue is that it’s more expensive to extract.