Too many oil firms boosting stock buybacks instead of output, White House says

Too many oil and gas firms are increasing stock buybacks instead of increasing output, White house press secretary Jen Psaki said in a briefing on Thursday, as the United States continues to grapple with high oil prices.

Oil prices climbed 8% on Thursday, extending a series of wild daily swings, as the market rebounded from several days of losses with a renewed focus on supply shortages in coming weeks due to sanctions on Russia.