https://www.newsweek.com/united-states-producing-more-crude-oil-biden-trump-1846864
The United States is producing more crude oil than it has in history at 13.2 million barrels.
Newsweek.com
It's not as good as it sounds. For the first 10 minutes they are just trying to stand balanced in the old slick.
Does anyone remember the "energy self sufficiency" argument from Trump fans after Biden became president?
Domestic oil production has been going broadly up and to the right since the fracking boom/bust, and we happened to hit the same level of production as we use during the Trump presidency.
There was some slight market downturn in production in early 2021, and the headline Trump folks got from that is that "Trump got us energy self sufficiency and Biden destroyed it." And when asked the mechanism for how he might have done that before passing any major legislation the answer was just "vibes"
Of course, production has still been increasing over the long term so it became no longer true pretty quickly and I haven't seen this argument in a while but it's one of those things that I wish I could have bookmarked to go back and say I told you so, the thing that was obviously going to happen, happened.
The "energy self-sufficiency" crowd rubbed me the wrong way because they didn't think renewables were part of the equation. If you've got to buy oil and gas so you don't freeze to death you're not that independent.
This is the best summary I could come up with:
When President Joe Biden took office in January 2021, the U.S. was producing 11 million barrels.
When former President Barack Obama took office in January 2009, the U.S. was producing around 5 million barrels of crude oil.
The increase comes amid production cuts by Organization of Petroleum Exporting Countries (OPEC) members over the past year.
"Growth in the United States and Brazil is outperforming forecasts, helping to propel global supply higher by 1.7 million barrels per day to a record 101.8 million barrels per day in 2023," the IEA said in its November report.
There has been no material impact on oil supply flows from the war between Israel and Hamas that started in early October."
"A temporary easing of U.S. sanctions on Venezuela in late October is expected to have only a marginal impact on supply, as production increases from the country's battered oil sector will take time and investment," the IEA report said.
The original article contains 451 words, the summary contains 155 words. Saved 66%. I'm a bot and I'm open source!
Hell yeah. Even though I disagree with Biden on most issues, I guess I have to give him some credit for this.