Labor shortages, supply chain issues, hesitant financial backers and a frosty relationship with the Biden administration have limited how much Texas oil and gas companies are ramping up production.
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Cranking up production requires more workers, materials and money, and people in the industry say they’re facing the same labor shortages and supply chain issues that have plagued countless businesses throughout the COVID-19 pandemic. On top of that, they say Wall Street investors have become more hesitant about pouring money into fossil fuels, and the Biden administration’s policies are hampering the oil and gas industry.
A roofing crew begins to shingle a home under construction in the new Pavilion Park housing development on March 14, 2022 in north Midland.Motorists drive down Big Spring Street on March 14, 2022 in Midland.First: A roofing crew begins to shingle a home under construction in a new Midland housing development as a pumpjack operates nearby. Last: Motorists drive past a sign hiring workers in Midland.
Former Midland Mayor Bobby Burns, now president of the Midland Chamber of Commerce, speaks during a lecture titled “Midland Fuels America” on March 15 at the Permian Basin Petroleum Museum in Midland.“The world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies,” said IEA Executive Director Fatih Birol, citing the uncertain future of Russian supplies on the global market as the war continues and sanctions against the nation mount.
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