"The big public independent companies, such as Pioneer Natural Resources, EOG Resources, Diamondback Energy and Devon — collectively accounting for about 1.4mn barrels a day of US production — have all pledged to keep a lid on capital spending.

“The capital that historically we would spend in growing the company, now we’re redeploying that in the form of share repurchases,” Travis Stice, Diamondback’s chief executive, said at an industry conference last month.

Scott Sheffield, Pioneer’s chief executive, has vowed that his company will hold production growth to 5 per cent a year — well below the breakneck pace of pre-pandemic boom years.

The commitments have pleased investors. Devon’s variable dividend and share buybacks, announced in November, helped make it the S&P 500’s best performer in 2021. The energy sector as a whole has far outperformed the stock index in the past year, albeit from a low base."

That's perfectly fine as far as I'm concerned. They have a right to make a profit and make their own business decisions. But I have a hard time seeing how it's Biden's fault that oil companies were running in the red for the past decade and decided that now it's time to rake in the profits.