Biden Demands Increased Production From US Energy Companies

President Joe Biden has delivered remarks at the White House announcing a plan which will lay the foundation for 'a new era of US energy independence.'

• Biden blames the oil price hike on the boom in post-Covid energy and 'Putin's war.'
• Biden says his plan is to increase the supply of oil. He says: 'Oil companies have a choice, to put profits to use and increase production, or they can exploit the situation and ship profits to investors, as soon have.'
• Biden says: 'Energy companies can be producing 1mb/d by as soon as autumn.' But he warns that some are happy to reap the profits high prices.
• Biden says he is announcing a 'use it or lose it policy.' Companies sitting on idle wells will have to exploit them or return the concession to the Federal government.
• Biden also announces the anticipated 1m b/d of oil for the next six month from the strategic petroleum reserve.
• The President also says the US needs to end the long term reliance on China and announces using the Defensive Production Act to secure American supply chains for critical materials used for green technology.