Why Nobody Wants to "Drill, Baby, Drill"
Oil prices are high, and there's a desire for greater energy independence around the world. It seems natural that drilling would increase in the U.S., Europe, Brazil, Africa, and even the parts of Europe where oil is available. So, why isn't drilling increasing at a rapid rate?
There are a number of reasons, and the market dynamics can give us some answers. While gasoline prices are high at the pump, the market won't be pricing in elevated oil prices forever, so oil companies and investors are hesitant to put too much money into the ground. There are good reasons why "Drill, baby, drill" isn't the refrain in the industry today.
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Source Fool.com
