The Biden administration is turning to the oil industry, and industry it shunned, to help fight inflation.
Context: The White House is pushing to get oil companies to increase output in order to increase supply as demand surges. This increased supply would hopefully stabilize or drive down gas prices.
Experts have predicted $100 per barrel oil by 2023 should the status quo be kept.
Why this is important: The odds of the Biden administration being successful are not great.
Democrats have chastised oil producers about climate change and have created an environment not conducive to doing business.
This approach makes companies reluctant to spend more to produce more oil that produces slim returns for them. Couple this with the fact that oil companies are feeling pressure to cut spending in order to deliver profits and you have a recipe for disaster.
What is being done: Energy Secretary Jennifer Granholm is trying to convince oil executives in closed-door meetings but no promises have been made.
The Biden administration is basically asking the world from an industry it is intent on destroying.
What people are saying: