Lack of demand, or lack of demand due to regulations? It's easy for the gov to use the "lack of demand" line without mentioning their egregious regulations that cause the lack of demand.
People keep spittlescreeching (thanks bogie) about regulations, but rarely does anyone credibly say exactly what these choking regulations are or give examples of anecdotal stories. Usually, a lot of blather that appeals to the intended audience that keeps the advertisers happy and the ratings up for that demographic.
Speaking of regulations and oil production on US government land.
https://www.reuters.com/business/energy/regulatory-changes-over-us-oil-gas-leases-not-hampering-output-barclays-2022-03-23/Also remember that 6% of US oil production comes for US government land. That means that 94% comes from state and privately held land. Even with the royality increase from 12%-18% on new leases on Fed ground, that is still less than most oil royalties on state and private land.
I think oil companies don't want to get caught with their dick in the door when prices crash in the future like that happened after the oil run-up in the mid to late 2010's. I believe the oil companies are trying to maximize their profits now and buying back as much stock as they can.
