Port Tack
Verified User
inflation is sourced in fuel costs, just as it was when Carter was president........prices started to climb as soon as Biden shut down the oil industry in January 2021.......oil prices began to drop as soon as he announced reopening lease sales.......the same thing happened under Bush (down) and under Obama.(up)......if you make speculation risky prices go down......
Biden signed more leases in his first year than Trump did in his first three. Oil production in the US will soon be greater than anything under Trump. Not only oil but natural gas production will set all time records this year under Biden while the right wing idiot claims he is against oil production. Biden never shut anything down, the pandemic, demand and prices dropping to $19 a barrel is what temporarily shut down our oil production. It had nothing to do with Biden. Just as when the demand returned and oil shot up to over $100 per barrel our oil production shot back up to record levels. It also had nothing to do with Biden. We would have seen the exact same phenomenon regardless of who was president.
The U.S. oil industry is gushing, with record production expected in 2023
Domestic production will rise to 12.6 million barrels daily in 2023, or 600,000 more barrels than in 2022, the U.S. Energy Information Administration (EIA) forecast this week. That would surpass the previous record production of 12.2 million barrels in 2019.(Under Trump)
The increase in 2023 shows a recovery in oil pumping from the massive decline early on during the COVID-19 pandemic, when oil prices dropped below $19. Crude oil is currently at around $91 a barrel.
U.S. Natural Gas Production Hit An All-Time High In 2021
In 2021, the U.S. set a new all-time high for natural gas production. For the year, the U.S. held a commanding 23.1% share of global natural gas production, ahead of Russia (17.4%) and even the entire Middle East (17.7%).
https://oilprice.com/Energy/Natural-Gas/US-Natural-Gas-Production-Hit-An-All-Time-High-In-2021.html
The right wing is looking pretty fucking stupid complaining that Biden is horrible for fossil fuel production when he is setting all time records for the production of all of them.