I'm mixing two Biden quotes, of course.
Could we produce more oil than we consume? Absolutely we could, but the green warriors are against increases in domestic production even though in low crude price times it doesn't do anything to reduce consumption.
As Obama said, high oil prices ($5/gallon gas) will address the desire to reduce consumption naturally over time. But with an election coming up, this is a political problem. Americans don't want to pay more at the pump or reduce their consumption to save the planet, especially during times of high inflation.
So let's just buy more oil from the Saudi's or Venezuelens. What problem does this solve again? Does it reduce consumption? Does it reduce green house gas emissions? Does it reduce America's dependence on foreign oil? No to all these questions, but it may help politicians get re-elected and kick all these cans down the road.