US President Joe Biden is speaking about the way high oil prices are "hitting Americans at the pump".
"I know how much it hurts," he says.
He says banning Russian oil imports was "the right thing to do" but it would "come with a cost".
Biden says US oil companies are recording increasing profits and have a choice: Between putting these to use by producing more oil, giving US people a break, or "they can exploit the situation".
Biden says he is announcing a "use-it-or-lose it" policy, where companies will face fees for idle wells if they do not restart production.