Lower 48 oil and natural gas production is on the rise, particularly in the Permian Basin, but shortages of labor, materials and equipment will prevent a rapid supply response to current market tightness, according to experts.

The Biden administration has called on U.S. producers to ramp up supply in order to lower gasoline prices and reduce global dependence on energy imports from Russia.

However, publicly traded and privately held producers alike will be hard pressed to achieve dramatic production increases over the near term, according to NGI’s Patrick Rau, director of strategy and research.

“Based on public guidance and Wall Street consensus estimates, we estimate that U.S. publics are going to grow natural gas production at about 3% this year,” Rau said on the...