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Biden’s Oil Demands Collide With Drillers Reining In Output (1)

March 11, 2022, 7:59 PM

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.

The political dangers are stacking up for an administration set to lose ground in midterm elections in November with record-high inflation ...