As US petrol prices scale record highs, with the cost of a gallon of fuel surpassing $5 for the first time, Joe Biden has pleaded with the country’s oil producers to open the taps and stem the surge.
But those calls — a stark departure for a president who vowed to crack down on fossil fuels — have largely gone unheeded as the industry insists its drilling spree days are behind it.
“When the White House started calling around in a panic, they thought shale oil production could grow sharply in the near term — like in a matter of months or quarters,” said Bob McNally, head of consultancy Rapidan Energy.
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