A recent CTUP study by Casey Mulligan and Steve Moore finds that American outpost of oil and gas would have been roughly two billion barrels higher from 2021-23 had Biden stuck with the Trump pro-America energy policies. Over the past two years, American oil production would have been on average more than two million barrels higher per day.
OPEC’s recently announced cutbacks in production of 1.6 million barrels a day, would have had little impact on world oil prices because U.S. drillers would have made up the difference. Instead, oil is now headed to $4 a gallon in many states – at least $1 a gallon higher than would be the case under Trump. Call it Biden’s climate change tax.