It boils down to this: On day 1 Biden declared war on the oil industry, shut down pipelines, canceled leases, and vowed to run them out of business. Taking him at his word, oil company executives know it would be violating their fiduciary responsibilities to risk shareholder money by investing in a massive expansion only to have Biden and his bunch of eco-nazis do exactly what they've promised to do when things return to normal.
If you spend a year beating your dog every day, don't be surprised that he doesn't wag his tail when you try to pet him.
