"Investment in new wells has dropped more than 60%, causing U.S. crude oil production to plummet by more than 3 million barrels a day, or nearly 25%, just as the Covid virus hit, and then fail to recover with the economy. "
Why would any sane investor take the gamble, the very expensive gamble, of drilling oil exploration wells only to have some demented POTUS prevent them (ie building and operating a pipeline) developing anything they may discover?
You may have, just may have, heard of the term "Sovereign Risk"
