Ukraine crisis challenges oil industry caution at high prices

As commodity prices soar, the Ukraine crisis has prompted demands from petroleum lobbies for a reboot of US energy policy to promote domestic oil and gas production.

But recent history suggests Wall Street may be an even bigger barrier than Washington to increased exploration and production.

As oil prices have risen over the last year — including Thursday’s brief surge above $100 a barrel — companies ranging from giants like Chevron to mid-sized players such as Devon Energy have chosen to only lift capital investment modestly.