Now in order to fight climate change, lots of government policies are impelling oil companies unwilling to keep investing in new production output even though they acquire record profits. Some environmental groups said that slowing production growth could accelerate the development of clean energy and restrain carbon emissions. It could cause high prices and low supply as green energy alternatives fill the gap.

Crude oil prices have surged to over US$90 a barrel and some analysts predicted that they will go to more than US$100 by the end of 2023. However, instead of investing big to boost output, oil companies are boosting dividends or buying back shares to reward their investors.

Nevertheless, short of drilling investment could worsen energy shortages in some poor countries and fuel inflation. Exxon Mobil CEO Darren Woods warned at the World Petroleum Congress in Calgary this week that if we don't keep a certain level of investment in the industry, we'll result in being short of supply which will lead to high prices.