Spiking energy prices and the related across-the-board inflation aren’t being driven by a lack of oil and gas resources. Analysis from the U.S. Energy Information Administration (EIA) found that publicly traded exploration and production (E&P) companies increased proved reserves of oil and natural gas by 19.2 billion boe in 2021.

This was based on the financial reports that 119 domestic and international companies provided to the U.S. Securities and Exchange Commission. EIA estimates that the companies accounted for about 60% of total non-OPEC liquid fuels production last year.

The increase came even as companies lowered spending on exploration and development (E&D), EIA said. The 119 companies collectively spent $244 billion on E&D in 2021, 28% less than the pre-pandemic...