Consumers battered by sky-high gasoline prices shouldn’t expect relief from the oil industry anytime soon.
Many oil and gas executives say they have little interest in increasing oil production — even at crude’s near-record prices, which make extraction very profitable for their companies.The price of crude oil has been steadily rising since the start of last year. It hit $100 a barrel in March after Russia invaded Ukraine — the first time in 12 years it breached three digits.
Source: U.S. producers reluctant to drill more oil, despite sky-high gas prices – CBS News
