Biden Wants U.S. Oil to Drill More. Here’s Why They’re Holding Back
- White House implores oil producers to pump more crude
- U.S. oil production remains below pre-pandemic levels
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The war in Ukraine has touched off a feud between the White House and U.S. oil industry as many companies reap record profits from rising prices despite pumping less crude than before the pandemic, leaving American consumers beset by surging gasoline costs.
President Joe Biden has urged U.S. oil companies to step up production -- but they are wary given his historic hostility toward fossil fuels and the risk that new drilling won’t pay off over the long term.