The relationship between the White House and U.S. oil companies has sunk to a new low at a moment when President Biden needs the industry most.
Oil company executives have become openly frustrated with a Biden administration that spent months shunning the industry, only to start urging in recent weeks that it produce more oil to alleviate rising gasoline prices.
In closed-door meetings with Energy Secretary Jennifer Granholm over recent weeks, oil executives have made few promises about raising output, say people familiar with the matter, and explained that it may be months before higher oil prices lead to resurgent U.S. production.
At a time when Wall Street is telling oil companies to tamp down spending and deliver profits after years of poor returns, oil company leaders say Mr. Biden’s positions on oil make it even harder for them to justify new spending to grow.
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