Biden Is Banning Russian Oil. These Producers Could Fill the Gap
Gerson Freitas Jr and Sergio Chapa

(Bloomberg) -- Shale giants EOG Resources Inc. and Devon Energy Corp. are sitting on thousands of federal drilling permits, many of which could be used to produce oil from the prolific Permian basin as a U.S. ban on Russian oil increases demand for other crude.

EOG and Devon hold more permits than other company, according to a Bloomberg analysis of federal onshore permitting data, but neither plans to grow production beyond 5% even as U.S. oil futures top $120 a barrel and global markets face historic disruptions. That dissonance is at the center of tension between the U.S. shale industry — which argues it needs long-term government support before it can sustainably raise production — and the Biden administration — which says oil companies should use up the more-than 9,000 drilling permits they already have before asking for further concessions.