As anger over surging gasoline prices in America has grown, President Joe Biden’s critics have pounced. The president’s green shift has turned off the taps at America’s once gushing oil industry, they argue, fuelling higher prices and inflation.

But it is Wall Street, not Washington, that has put the clamps on growth in America’s oil patch. Investors scarred by years of cash-burning growth have called time on a debt-fuelled drilling binge that made the U.S. the world’s largest oil producer, but inflicted billions of dollars in losses on shareholders.

Still, to Biden’s industry and political critics, American drivers are paying more to fill up because the nation’s oil producers are being held back by a climate-minded presidency that has piled on taxes and regulations, deprived the industry of drilling permits and shut down pipelines.

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