Oil Companies Reluctant to Increase Drilling Amid Rising Prices

Despite a continuous rise in gas and oil prices, major oil companies are not significantly increasing drilling efforts. This reluctance is fueling concerns about potential future supply shocks, with some markets appearing overly complacent.

7 May, 10:00 — 7 May, 10:00

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NPRHigh1h ago

Gas prices keep rising, but do big oil companies plan to drill more? Not so far

The war in Iran has pushed global oil prices higher, which boosts oil company revenues. But major U.S. oil companies aren't signaling plans to increase production to bring down prices at the pump.

By Camila Domonoske

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Coverage Timeline

First report: Yahoo · 6 May, 00:00|Full coverage: 2 · 1d 10h|Window: 1d 10h

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Yahoo6 May, 00:00First to report

Oil Futures Markets Still Too Complacent About Supply Shock

1d later

NPR7 May, 10:00Latest update

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Oil Companies Reluctant to Increase Drilling Amid Rising Prices

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Gas prices keep rising, but do big oil companies plan to drill more? Not so far

Coverage Timeline

Oil Futures Markets Still Too Complacent About Supply Shock

Gas prices keep rising, but do big oil companies plan to drill more? Not so far

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