Us oil prices are still breaking records, but the oil industry is indifferent to Mr Biden's call.

The average price of a gallon of gasoline in the United States reached a new record of $5.004 on Saturday, according to the American Automobile Association (AAA). Among them, the gas price in California is more than $6 per gallon, the highest in the United States.

Meanwhile, led by energy costs, CPI in the United States hit a 40-year high in May, up 8.6% from a year earlier, the highest level since December 1981. The energy price index rose 34.6% from a year earlier, the biggest year-on-year increase since September 2005.

Persistently high oil prices and the upcoming mid-term elections have forced US President Joe Biden to make further calls.

On Friday, Biden attacked the oil company Exxon Mobil Corp for not producing more oil and advocated higher taxes on oil companies:

Benefiting from the surge in crude oil prices, Exxon Mobil Corp's revenue reached $87.7 billion in the first quarter of this year, up 52.7 per cent from a year earlier, with a profit of $5.48 billion, up 103 per cent from a year earlier.

In an effort to stem the rise in oil prices, the White House has released record amounts of crude oil from the country's strategic reserves and urged the oil industry to increase production. But US oil production last month was about 11.6 million barrels a day, still well below the pre-outbreak peak of nearly 13 million barrels.

Crude oil producers said there was nothing they could do to help the president's appeal.

Soaring input costs and supply chain constraints make it impossible for producers to resume production overnightEven if they want to.

The price of fracturing sand used to blow up cracks in the rock has soared as wells closed during the outbreak take time to resume operation. In addition, many skilled workers have left the industry, and labor costs have risen.

Another reason for crude oil traders' silence is Wall Street.After the shale oil boom of the past decade, huge investments can no longer be exchanged for equal returns.

Moody's Corporation, the rating agency, estimates that capital spending by private companies will rise 49 per cent this year and output will grow by 12 per cent. By contrast, capital expenditure of listed companies will increase by half and output will grow by only 3 per cent.

Even during the outbreak, much of the increase in oil wells and fleets came from smaller private operators, which did not face shareholder pressure like the larger ones.