After begging the industry to increase supply, the White House used its reserve to strategically set fuel prices
Can Joe Biden push big oil to drill for more oil, lower gas prices and speed up the switch to electric vehicles? That’s the ambitious aim of a plan the Biden administration is implementing as drivers continue to wrestle with soaring gas prices. Unusually, the plan has support not just from the oil industry but some economists and environmentalists.
As 2022’s gas prices set off inflation and oil companies celebrated record profits, Biden practically begged industry executives to take a basic step that could have brought down costs: pump more oil to increase supply. His pleas fell on deaf ears.