I thought the reason they were increased is so we could get the same power with reduced supply?
However a fair few power companies are reaching ridiculously high record profits, which goes against the grain of that idea.
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A lot of the US oil is imported (maybe about 30%). When foreign suppliers (namely Russia in this instance) cut off or get sanctioned, that means a lot more of the oil produced is domestic. In order to expand production capacity, oil producers have to buy new equipment for mining and fracking. Since most of the oil drilling supplies come from American companies (Halliburton being one of the larger ones) we see these companies do very well as a result.
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