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Those bipartisan calls from Congress follow the president’s ban on Russian oil and other energy imports.
The people and equipment they need are already hard at work.
The government says it is mulling the possibility of lifting the fracking suspension to ease the energy crisis caused by the invasion of Ukraine.
“The harsh reality for U.S. oil markets is that there is no switch that anyone can flip to suddenly turn on oil production overnight,” one expert told us.
The way U.S. oil refineries are set up has a lot to do with it.
For 15 years the EU has been talking about decreasing its dependence on Russia’s gas and oil, but it didn’t do it intime.
They’re high because oil producers aren’t ramping up supply quickly enough.
A court ordered the administration to resume the auctions it had suspended.
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
So far, big oil companies are in the “not” camp.