America’s shale industry is looking to ramp up production, but it is facing two major hurdles that could curb its trajectory. Supply chain issues, runaway inflation and a growing labor shortage have hindered the industry’s ability to increase output. “Even if the president wants us to grow, I just don’t think the industry can grow anyway,” said Pioneer CEO Scott Sheffield. U.S. shale production is back in growth mode, but inflation and supply chain bottlenecks could hobble the growth trajectory this year despite the tempting economics of $100 oil. The United States is set to post an annual record of 12.6 million barrels per day (bpd) of crude oil production in 2023, while this year’s average is forecast at 12 million bpd, up by 760,000 bpd from last year, according to EIA’s latest estimates. Yet, cost inflation, labor and equipment shortages, and continued restraint in spending and drilling from […]