CHARLOTTE, N.C. — Gas prices are over $4 a gallon, so why can't oil companies just produce more gas?
Let's connect the dots.
President Joe Biden is putting pressure on oil companies to pump out more black gold, saying companies are sitting on $1,0000 of unused permits and putting profits ahead of ramping up production.
But oil producers say the Biden administration needs to ease the process for drilling on federal lands and approve more permits. Experts say even if all permits were approved right now, it would take at least six months to a year to start producing enough oil to lower prices.
Beyond the bureaucracy, industry experts say there are more factors holding back oil production, including sharp demand swings brought on by the pandemic and pressure on private investors not to fund fossil fuels in favor of green energy.
The Biden administration said it sees a shift to clean energy and electric vehicles as the best way to address high gas prices over the long term.
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