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The Biden admin upped production over the course of his term, but that increase is only relative to the 2020 drop-off. It only returned to previous levels in la
by ibejoeb 2y ago
The Biden admin upped production over the course of his term, but that increase is only relative to the 2020 drop-off. It only returned to previous levels in late '23. It did very slightly surpass those levels into early '24: 13 MMbbl/d at pre-covid to 13.3. So 50% more permits resulted in a rounding error at its peak.
Much of that increase went to export. On top of that, Biden sold half of the strategic petroleum reserve.
The general point is that you can drill all you want, but sending it overseas doesn't help Americans. The best result is that we buy back gasoline at a margin that's tolerable, but that's not helping either price at the pump or overall energy costs.
There is a partisan disagreement on energy independence.
- xnx 2y ago> sending it overseas doesn't help Americans. In a global market like petroleum, doesn't production anywhere reduce prices everywhere?
- ibejoeb 2y agoOverall, maybe. But the local price is certainly sensitive to production costs, depending on the derivative. Like a pipeline is much more efficient than lng in container.