US oil companies are in no rush to solve Biden's gas price problem
CNN
US oil companies used to ramp up production at even the slightest hint of higher prices.
That drill-baby-drill strategy worked well for American drivers last decade, keeping prices at the pump relatively low. And it made the United States the king of the oil world, surpassing both Saudi Arabia and Russia in production.
But the strategy was terrible for the oil industry's bottom line. Drillers repeatedly oversupplied the market, careening debt-riddled companies from one price crash to another. The oil-and-gas sector was easily the stock market's biggest loser in the 2010s.
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