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Domestic oil production is forecast to reach an all-time high by the end of the year, even as President Biden announces plans to blunt fossil fuel output and consumption as part of his climate change agenda.
Presidents largely lack control over short-term oil supply and costs at the pump, but industry analysts say Mr. Biden has caused long-term damage to production with mixed signals between his green energy policies and calls for more oil to blunt high gasoline prices.
“The administration is not totally to blame for a lot of this. There’s no doubt about it. But this administration has sent mixed signals from the beginning,” said Frank Maisano, a senior principal and energy expert at the law firm Bracewell. “The administration is caught between the consumers’ rock and the environmentalists’ hard place.”