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It's not Biden's fault.
ExxonMobil, Chevron’s big cash shows cheap gas isn’t coming back
PUBLISHED WED, FEB 1 20239:28 AM ESTUPDATED 25 MIN AGO
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Tim Mullaney

KEY POINTS
Chevron announced a $75 billion stock buyback and raised its dividend to 3.44%, while ExxonMobil paid $30 billion in dividends and buybacks in 2022.
Both big oil companies had sizable cash-flow gains as crude prices climbed and energy earnings surged to represent as much as 15% of earnings in the S&P 500.
U.S. production at both companies posted small gains in Q4, but Wall Street pressure to moderate investment and drilling after billions in losses from fracking in the prior decade has sharpened focus on bigger returns to shareholders, regardless of White House backlash about “profiteering.”

https://www.cnbc.com/2023/02/01/exxon-chevron-earnings-buybacks-show-cheap-gas-isnt-coming-back.html