It might seem like a logical fix. With domestic gasoline prices surging this month, oil producers could just drill more, right here in the United States.
President Biden, who has a complicated history with the oil industry, seems on board. Although his administration is looking to countries such as Saudi Arabia to pump more oil, as well as potentially easing sanctions on Iran and Venezuela, he still believes U.S. oil producers are well equipped to boost production.
After all, the U.S. is the world’s top oil producer, and gas prices hit a record high this month, above $4 a gallon (though that’s not adjusted for inflation).
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