TexasCHLforum.com

Regarding dry wells vs. shutting them down... Two big items at play here:

1. Congressional Democrats and the Administration intentionally demanded oil companies lower production of oil and gas
2. Blackrock (largest investment firm) ESG (Environment, Social and Governance) policies is forcing oil companies to embrace climate transition and stopping investment in exploration and drilling

So the US government and the most powerful investment money manager firm are essentially forcing Oil companies out of the oil business.

1. https://freebeacon.com/politics/how-dem ... as-prices/
Despite reassurances from the White House that it is doing nothing to discourage oil companies from opening new drill sites, President Joe Biden's allies in Congress just months ago pressured oil executives to decrease outputs because of climate change, raising questions about the Democratic Party's strategy to lower prices for consumers.

In late October, for example, the House Oversight and Reform Committee called in the CEOs of Exxon, BP, Shell, and Chevron to explain what steps they are taking to produce less oil and gas, with Rep. Hank Johnson (D., Ga.) alleging that "the world can't wait" any longer. At the time, gas prices were hovering around a 10-year high.

2. https://oilprice.com/Energy/Energy-Gene ... anies.html
And make no mistake about it: With nearly $9 trillion of investments under its watch, BlackRock can certainly throw its weight around. Indeed, last year, the firm voted against 69 companies and 64 company directors for climate-related reasons while placing another 191 companies on watch.

BlackRock plans to put oil and gas companies under the clamps by creating a ‘‘temperature alignment metric’’ for both its public equity and bond funds with explicit temperature alignment goals, including products aligned to a net-zero pathway.