Following President Biden's letter to many 'Big Oil' executives, threatening them with forced production quotas, windfall taxes, and/or price-caps (because all those things have proved so successful in past crises... not), the American Petroleum Institute - which represents 'Big Oil' - sent a letter to the president offering some advice.

The letter begins by acknowledging President Biden's efforts to address Russia's actions and then focuses on how we got here:

"Unfortunately, Russia's actions and the instability it created has contributed to an already forming global energy crisis. Several factors have led to a significant and sustained supply and demand imbalance in global oil markets. Demand for energy, specifically crude oil, has surged as global economies have rebounded from the early part of the COVID-19 pandemic. In part, supplies have not kept pace due to global underinvestment in recent years driven by geopolitical and market forces, public policies, and investor sentiment.