Oil industry experienced multiple crude price swings over the last seven years
US drilling to climb as supply disruption continues
Although spending will decelerate in North America, the 2023 forecast for an 18pc increase follows a near-record 44pc in 2022. US drilling will increase by 8.2pc, with total footage forecast to climb 8.7pc, to 290mn ft³ of hole
The oil industry has experienced multiple crude price swings over the last seven years, from $100/bl in 2014 to minus $37/bl in 2020. However, today’s energy environment is significantly different from historical boom-bust cycles. Unrealistic clean energy goals, forced on producers by government officials and environmental groups, caused an unprecedented reduction in oil and gas investment at the start of the Covid pandemic. The pressure tactics compelled energy producers to commit to emission-reduction targets and increased investment in cleaner energy, even as they were struggling with massive losses caused by plunging demand. This, combined with supply issues exacerbated by the war in Ukr
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