More oil supply could stop massive price spikes. But US producers won't fill that gap
CNN
Oil prices are soaring to seven-year highs, but don't expect US oil producers to ramp up supply.
On the face of it, it's an ideal time for US firms to cash in on high prices after Russia's invasion of Ukraine: Traders are nervous about purchasing Russian oil due to uncertainty about the situation, though those exports aren't subject to current sanctions. And other major producers like Saudi Arabia have indicated they won't fill the global supply gap.
Making more US oil could net a tidy profit for producers while lowering prices at the pump for drivers. But several issues are stopping these companies from scaling up production.
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