An oil refinery in Port Arthur, Texas. Lagging production of oil worldwide has been sending prices to seven-year highs and driving inflation.Credit…Brandon Thibodeaux for The New York Times Nearly two years ago the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to prepandemic health.
It isn’t exactly turning out that way. Oil producers are finding it harder than […]
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