02-03-2022, 01:55 PM
(02-03-2022, 01:38 PM)GMDino Wrote: The narrative about Biden cutting production is a bit off.
https://www.dailymail.co.uk/news/article-10453597/Climate-activists-hit-Biden-issuing-drilling-permits-public-land-Trump.html
There is much more to it that just "Biden's policies". As there always is.
Sure thing, except wrong.
https://www.cnn.com/2021/01/27/business/fracking-ban-biden-federal-leasing/index.html
Even in a very pro-Biden article from CNN you have these little tidbits;
Longer term, less production at home means the United States may have to buy more oil from the Middle East and elsewhere overseas.
"The highpoint for US oil production is likely in the rearview mirror," Fitzmaurice said.
Rapidan Energy projects the United States will produce about 1 million fewer barrels per day in 2023 than if Trump had won a second term.
You're right, 1 million fewer barrels a day won't affect the supply at all. And yes, I know that's projected into 2023. It doesn't dry up overnight, but give it a good year, which we have and you get decreased supply, hence higher prices. Remember when Biden took that bold, presidential action to ease gas prices by releasing 50 million barrels from the reserve?
https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/23/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world/
Well, that's less than two months production under Trump. But no one could possibly think that this diminished supply would cause a rise in price. Right?
