In 2021, the shallow-water Gulf of Mexico produced 23.4 million barrels of oil and 113 billion cubic feet of gas, production levels last seen in the late 1950s. Both oil and gas are long on their decline curves and any reversal via new discoveries is highly unlikely. Although these decline curves may flatten in the near-term with sustained higher oil and gas prices, they will quickly return to their downward trajectories when prices return to their long-run average.

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