Founder and CEO of King Oil, Jay Young tells Marc Cox that there is just not enough drilling for oil in the United States.
"We're going to see [gas] prices continue to go up right now, because we are simply not drilling for oil [in the United States]," says Young blaming it on several issues, "regulations, pipelines, permits, prime equity companies are not coming back into business right now. They spend hundreds of millions of dollars ten years ago, didn't get the return they wanted, so they're finding alternative investments to participate in instead of oil and gas. We're not seeing everybody coming back. Exxon makes 6-billion dollars last quarter, they spend 10-billion buying back their stock instead of putting oil rigs back on the market!"
The lack of equipment is glaring says Young, "we had [over] a thousand drilling rigs before the pandemic, and then right after the pandemic, within 60 days, we had 250, two-hundred and fifty, that's 75-percent less."
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