Greed and profiteering are not the cause of high gas prices

See Both parties neglect to propose a solution that might actually lower gas prices by Catherine Rampell. Excerpts:

"Aside from Vladimir Putin, whose contributions to high energy prices are relatively recent, Democrats’ preferred villain is “corporate greed” or “profiteering.” This explanation polls well, which might be why Biden and others on the left keep citing it. But it does little to explain why gas prices are up so much — or what could help to bring them down.

Corporations didn’t suddenly remember that they’re supposed to be greedy. And “profiteering” might sound like an incriminating accusation, but it has little meaning other than “prices are higher than politicians want them to be.” Blaming “high prices” on “profiteering” isn’t an explanation; it’s a tautology."

"Far worse are proposals such as a “windfall-profits tax” on oil. This might sound good if you genuinely believe that “profiteering” is the problem. But the last time Congress tried a similar policy, it reduced oil production. Which means it could well drive gas prices higher."

"We want to know why supply hasn’t ramped up, even in the face of prices that would normally encourage a lot more investment. And here the explanation is complicated.

OPEC countries have deliberately kept their production low. U.S. producers have indeed added more oil rigs in recent months, but there’s a multi-month lag between when one gets leased and set up and when more oil from that site becomes commercially available.

Additionally, these U.S. energy companies have been expanding a little more slowly than in previous cycles when oil prices were also high. Why? As in many other industries, worker shortages and other supply-chain issues are challenges. More important, shareholders and lenders are cautious about financing more production. Lots of people lost their shirts when prices plummeted in 2020. They’re nervous that something similar could happen again — that by the time they get a new rig up and running, prices will have returned to Earth, and they’ll go bust again."