The Interior Department announced the decision Wednesday night, citing a lack of industry interest in drilling off the Alaska coast and “conflicting court rulings” that have complicated drilling efforts in the Gulf of Mexico.
“We’ve got to make sure the capital we spend generates an adequate return for our shareholders,” ConocoPhillips CEO Ryan Lance told CNBC.
Why Isn't Big Oil Drilling More as Gas Prices Surge? The Answer Is More Wall Street Than White House
Behind the 38% surge in pump prices this year is a 24% drop in domestic crude production after Covid, but not for the reasons you think.