Domestic crude production ticked lower last week along with demand, the U.S. Energy Information Administration (EIA) said Wednesday. The latest government snapshot followed President Biden’s assertion this week that energy majors are keeping a lid on output in order to maintain high oil and natural gas prices to bolster profits.


Biden on Monday floated a “windfall” tax on corporate profits, focusing specifically on oil and natural gas producers after ExxonMobil, Shell plc and others posted surging third-quarter earnings. BP plc followed on Tuesday and reported its second-highest adjusted quarterly profit on record, nearly $8.2 billion, citing “exceptional” sales of its natural gas division that more than doubled the prior quarter.

Though both oil and natural gas prices...