Shale can’t do much to rescue Biden from shortage

Highly profitable: Workers connect drill bits and drill collars at a rig in the Permian basin outside of Texas. US oil explorers are making more money than at any time since the shale revolution began over a decade ago. ― Bloomberg

NEW YORK: America’s right-leaning oil industry has little political will to help president Joe Biden lower energy prices by raising production.

But there’s another reason why Texas wildcatters are refusing to help: the status quo is just so profitable. United States oil explorers are making more money than at any time since the shale revolution began over a decade ago, according to Deloitte LLP.