A stand-off between President Joe Biden and oil and gas producers in the Permian Basin is developing as prices continue to climb. President Biden has accused the oil and gas industry of potentially “illegal conduct” as oil execs get rich off of soaring oil prices and has called for a federal investigation into the matter. Drillers are still holding off on increasing output in other basins as they continue to enjoy sky-high profits while looking to avoid another “boom and bust” cycle which has crippled the industry in the past. Over the last couple of weeks, a stand-off has been developing between President Joe Biden and shale oil and gas producers in West Texas. As soaring gas prices add pressure to cash-strapped United States residents already feeling the pressure of inflation, the economic strain is reflecting poorly on the Biden administration, which is scrambling to get someone, anyone — […]