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Bloomberg
One of the top investors in US oil and natural gas companies says the nation’s shale producers are no longer in a position to aggressively ramp up output and give consumers a break on energy prices.
“The US shale revolution has run its course,” Wil VanLoh, chief executive officer at Quantum Energy Partners LLC, said Monday in an interview on Bloomberg Television. “Clearly the investors have put oil and gas companies on a very short leash. They’ve required a massive amount of the cash flow every year to get returned to shareholders.
Growth in US oil production is expected to moderate at about half the pace of last year’s surprising expansion as larger companies consolidate and look to do more with less, according to industry forecasts.
On the campaign trail, Republican presidential candidate Donald Trump has called for boosting US oil and gas output with his “Drill, Baby, Drill” mantra while blaming President Joe Biden — and now Vice President Kamala Harris — for causing inflation that voters say is their top economic concern.
— With assistance from Lisa Abramowicz and Annmarie Hordern
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