RE:When do Producers Open the Taps?This is the thing that people overlook and just assume the taps can be opened when needed. Perhaps in Saudi Arabia but not here.
Many have left believing it's a sunset industry and the experienced career hands are retiring. Who's going to train a whole new work force needed to replace those leaving ?
To find an experienced crew , secure a rig and spud a new well to completion takes six months minimum. That's the reality.
Layer on top of that the covid situation , Russian sanctions and we going to be seeing higher average oil prices for a long time .