That's part of it, but a larger part IMO is the OPEC cartel's long standing war on our domestic production. They know they can't stop us, but they can and they do try to slow us by crashing prices by dumping capacity to cause us to pull back and then tighten up to absorb high prices and transfer lots of wealth from us to them until the next cycle. Wash rinse repeat.

Its a war they can't win, but they'll take some victories in battles here or there to buy them some time.