Over the last two weeks, oil companies have announced eye-popping profits from the spring quarter. The Trump administration’s focus on “unleashing” U.S. energy is running headlong into oil companies’ growing commitment to financial discipline. Similarly, even as the administration has opened up U.S. federal lands for drilling, companies have shown only a lukewarm response. Here's HowIf the U.S.-Israel war with Iran had occurred in 2012, oil companies might have seen the price spike as a chance to drill more wells. In an ironic twist, oil companies have benefited more from constraints on global oil production than from “unleashing” it.