Transcript: Why It's So Hard to Get the Oil Taps Turned Back On

Oil prices are sky high. And there’s plenty of oil in the ground in North America. And so far the supply response has been disappointing. Frustration is boiling over among drivers and politicians, and of course higher gas prices are contributing to inflation. So what’s the hold up? On this episode, we speak to longtime energy investor and industry participant Peter Tertzakian about the reality on the ground. He explains that there are numerous operational factors constraining oil supply, including degraded quality of equipment and a shortage of labor, not to mention a reluctance among investors to splurge on new production. We discuss the specific constraints, as well as what it will take to get supply going on. Transcripts have been lightly edited for clarity.