The U.S. federal government has blocked any new oil drilling rigs from being built for over 47 years.
In January of 2020 President Biden blocked oil pipelines that would bring Canadian oil into the U.S. while oil companies continued to purchase Russian oil.
January 2020 President Biden issues an order mandating that U.S. auto manufactures' produce 50% electric vehicles by 2035.
In January 2020 President Biden issues an order shutting down all mining of rare earth elements in the U.S. which are required to manufacture the batteries for electric vehicles, thus forcing the U.S. auto industry to purchase batteries from China. In turn Chinese owned mines in Africa use child labor to mine rare earth elements and now China is working with the Taliban to mine rare earth elements in Afghanistan.
Yes, oil companies make huge profits from processing crude oil into gasoline. Yes, oil companies have huge reserves of oil. In short, profit margins for shareholders rule the day in the U.S. Our corporate overlords always pass the increased cost of production to the consumers (us).
However, I never saw a child roughneck out in the oil fields in the U.S. or Canada. If my choices are putting Russian gas in my car to the tune of $7.00 a gallon or use an electric car with a Chinese battery made with cobalt mined by African children I think I will just walk.
