Gas prices are high. Oil CEOs reveal why they’re not drilling more

The US oil industry doesn’t appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.

Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.

For years, the boom-to-bust oil industry spent lavishly to fund all-out production growth. US oil output skyrocketed, keeping prices low. Yet sustaining profits proved elusive. Hundreds of oil companies went bankrupt during multiple oil price crashes, leading investors to demand more restraint from energy CEOs.

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