US oil majors resist White House push to boost drilling amid price uncertainty

Exxon and Chevron have resisted a White House push to boost oil output, sticking to prewar strategies despite a plea to increase drilling to curb petrol prices. The firms maintain their existing production approach even as political leaders advocate more drilling to address rising fuel costs.

Separately, American producers face pressure from investors to curb capital spending, and executives are wary of drilling more wells because they are not sure oil prices will stay high. The situation highlights a tension between political pressure to increase supply and market-driven constraints on spending and drilling in the U.S. energy sector.