I remember the early late 1970s when the oil embargoes sent the price of oil sky high! The government decided the oil companies could not charge the higher price than what the oil well originally produced.
As a result, the oil well was shut down, and a new well drilled beside it in which they could charge the higher price as it was a “new” well.
Oh hell! That isnt uncommon as I understand.
I stay at a guys place while I am away at work and he used to work on a drilling crew..being he is from OK. Anyway, he watched them obliterate a well that came in and would have been a high producer. The head guy showed up and told them the plug it. End of story for it.
So there is plenty of blame to go around about the production of oil.