Additionally, its stock price more than doubled in 2021 after the company relisted its shares.
While crude oil production is yet to match the levels of 2019, it is still at a peak. Exports of both natural gas and crude oil have also reached new highs, easily surpassing overseas sales of aircraft, pharmaceuticals, food and cars.
As global demand for U.S. oil and gas has skyrocketed, resulting in high profit margins for producers, the
President has accused them of profiteering during the crisis.
While they drew gas from shale formations, they also acquired millions of acres of mineral rights with billions in debt.
Despite these struggles, they are betting on the world's continued reliance on fossil fuels and natural gas as a bridge to renewable energy.
However, domestic energy costs have not decreased due to lack of infrastructure. Increasing
exports and global gas market prices have resulted in higher domestic prices, and it is unlikely that prices
will return to pre-pandemic levels of less than $3/million BTU.
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