U.S. President Joe Biden escalated the rhetoric against oil companies on Wednesday, telling them in a letter to produce more gasoline and lower gasoline bills for American consumers.
A Biden statement attempting to address May inflation data contained harsh words—both for the oil industry as a whole and Exxon specifically.
Biden’s decision to ban Russian oil imports to the U.S. had a predictable effect on oil prices, but the long-term impact on the U.S. oil industry is less clear.
The Biden Administration has delayed work on federal oil and gas leases and permits following a court ruling