Here's a chart of US daily crude oil production [1] and you see it takes off around 2010 or so. Now this is when fracking started to enter production and we sta

Here's a chart of US daily crude oil production [1] and you see it takes off around 2010 or so. Now this is when fracking started to enter production and we started drilling in the Permian Basin but all this happened under Obama. Now the 2015 oil crash is something I could talk a lot about. I'll try not to turn this into a wall of text. In Obama's last term he faced a hostile Congress and wanted to pass some wind and solar rebates [2]. The deal he made with the Republican controlled Congress was to lift the ban on exporting crude oil in exchange for the renewable subsidies. This happened in 2015. So why were crude oil exports banned? This happened about 40 years earlier during the OPEC oil crisis. As an aside, net crude oil exports stand at about ~3M barrels per day. Pretty much all production increases since have been for the export market. US domestic oil consumption has remained relatively stable, despite population increases. In 2015, OPEC in general and Saudi Arabia in particular crashed the oil market by ramping up production. You can see this here [3]. Saudi Arabia in particular increased production by ~1M bpd in a short period of time. A lot of people think this was to crush the fracking industry, which was heavily in debt. I personally don't buy this explanation because as soon as the price recovers, someone else will buy their assets out of bankruptcy and you're back when you started. I think it was punishment for lifting the crude oil export ban. A whole bunch of oil producers and services companies did file for bankruptcy [4] and this whole incident set the stage for what later happened in 2017-2018 and 2020 where Trump basically screwed the energy sector multiple times. [1]: https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=mcrfpus2&f=m https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=m... [2]: https://www.bbc.com/news/business-35136831 https://www.bbc.com/news/business-35136831 [3]: https://en.macromicro.me/charts/35226/opec-persian-gulf-region-oil-production https://en.macromicro.me/charts/35226/opec-persian-gulf-regi... [4]: https://graphics.wsj.com/oil-bankruptcies-tracker/?gaa_at=eafs&gaa_n=ASWzDAhWoXx58gJjAmS9W3AIgTpqT4DWuD9suF5WM6uWXRletE3apMChNOvva1HjtKQ%3D&gaa_ts=68b448f2&gaa_sig=6PTmullLDo2vwkjp4zRLaE0CXdNfAZpTzp6zHs3DuzAaryeCX1uTEaupy-HmKPmC1w5L-PxPtuDKmq3dPmh84Q%3D%3D https://graphics.wsj.com/oil-bankruptcies-tracker/?gaa_at=ea...