The Real Reason Big Oil Is Refusing To Boost Production

Over the last couple of weeks, a stand-off has been developing between President Joe Biden and shale oil and gas producers in West Texas. As soaring gas prices add pressure to cash-strapped United States residents already feeling the pressure of inflation, the economic strain is reflecting poorly on the Biden administration, which is scrambling to get someone, anyone -- be it OPEC or producers in the Permian Basin -- to open the taps and ease supply shortages. So far, however, Big Oil isn’t budging.  There is a lot of speculation about…