Biden Energy Adviser: Oil Companies Should Invest in Lower-Profit Short-Term Production, We'll 'Accelerate the Energy Transition'

On Wednesday's broadcast of CNBC's "Squawk Box," White House Senior Adviser on Energy Security Amos Hochstein argued that oil companies can "invest today in short cycles that will increase production" "instead of trying to lock in more profits" and vowed that the Biden administration is "going to try to accelerate the energy transition."