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Nah, we were energy independent by the end of Trump's term. Biden's mandates have put a big crimp in oil pumping/exploration here in the US, so now we are, once

Nah, we were energy independent by the end of Trump's term. Biden's mandates have put a big crimp in oil pumping/exploration here in the US, so now we are, once again, a net importer. Covid was a part, but Biden put OPEC back in the driver's seat.

zuminator 5y ago
This first chart on this page [0] says differently. It seems clear that oil production fell off a cliff in 2020 because of COVID, and has slightly recovered during 2021. An article from December 2020 [1] illustrates the massive dropoff in specifically shale oil production from peak 2019. And I'd direct you to an interactive chart that shows that in Jan 2021 (the end of Trump's term), we consumed more than we produced. But that is frankly misleading, since as you can see for yourself [2], we have been at or near energy parity for some years, and we remain so, under Biden. It is true, and to Trump's credit, that during his term, we for the first time in the 21st century became net exporters of energy products. However, that remains true today under Biden (as of Aug 2021, the latest data series). I remain skeptical of the idea that Biden has caused overall price spikes, as opposed to world demand recovering faster than world production and delivery channels. [0] https://wolfstreet.com/2021/08/03/us-shale-oil-drillers-battered-investors-after-upending-global-oil-industry-and-losing-their-shirts-focus-on-price-the-new-discipline/ https://wolfstreet.com/2021/08/03/us-shale-oil-drillers-batt... [1] https://www.investing.com/analysis/the-collapse-of-us-shale-oil-production-has-now-begun-200548627 https://www.investing.com/analysis/the-collapse-of-us-shale-... [2] https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/eia-projects-slight-production-declines-for-most-us-shale-plays-in-january-2021-61735610 https://www.spglobal.com/marketintelligence/en/news-insights...
deleted 5y ago
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zuminator 5y ago

This first chart on this page [0] says differently. It seems clear that oil production fell off a cliff in 2020 because of COVID, and has slightly recovered during 2021. An article from December 2020 [1] illustrates the massive dropoff in specifically shale oil production from peak 2019. And I'd direct you to an interactive chart that shows that in Jan 2021 (the end of Trump's term), we consumed more than we produced. But that is frankly misleading, since as you can see for yourself [2], we have been at or near energy parity for some years, and we remain so, under Biden. It is true, and to Trump's credit, that during his term, we for the first time in the 21st century became net exporters of energy products. However, that remains true today under Biden (as of Aug 2021, the latest data series). I remain skeptical of the idea that Biden has caused overall price spikes, as opposed to world demand recovering faster than world production and delivery channels. [0] https://wolfstreet.com/2021/08/03/us-shale-oil-drillers-battered-investors-after-upending-global-oil-industry-and-losing-their-shirts-focus-on-price-the-new-discipline/ https://wolfstreet.com/2021/08/03/us-shale-oil-drillers-batt... [1] https://www.investing.com/analysis/the-collapse-of-us-shale-oil-production-has-now-begun-200548627 https://www.investing.com/analysis/the-collapse-of-us-shale-... [2] https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/eia-projects-slight-production-declines-for-most-us-shale-plays-in-january-2021-61735610 https://www.spglobal.com/marketintelligence/en/news-insights...

deleted 5y ago

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