As US motorists pay record prices at the pump, 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.
“They were shocked to learn that that’s like asking for blood from a stone. It’s almost impossible. ”
US petrol prices have soared to unprecedented levels as the war in Ukraine exacerbates an already-tight global oil market. Prices this week broke through
$4-95 a gallon, according to the AAA, a motoring group. In California, motorists are paying over $6 a gallon.
For consumers, prices at the pump have become one of the most visible impacts of rampant economy-wide inflation. That has created a headache for the president, who many voters blame for the rise.
“Fair or not, it’s a problem for Biden as he is seen as the maestro of the economy even though there is truthfully not much any president can do to influence gas prices in real time,” said Sasha Mackler, executive director of the energy programme at the Bipartisan Policy Center, a Washington think-tank.