Why Aren't We Seeing More Investment?

Given how high commodity prices, and particularly oil prices, why haven't we seen more investment in that supply capacity? Well, actually, to your point, not only are we not seeing more investment, real CapEx declined sharply last year. So what little investment when corrected for inflationary pressures in the sector was an outright real decline in investment. There's another factor here that's important, particularly with the fossil fuels, is the share prices for many of these companies are severely depressed. That's reflected in their high free cash flow. If I'm a company at this point right now, it's more profitable for me to do share buybacks than it is to put a drill bit in the