There is much misinformation from the Biden administration about record amounts of oil production on Joe’s watch. We just perused the most recent official production numbers from the International Energy Agency. The bottom line: we are producing 11.5 million barrels a day today versus the peak under Trump before the pandemic of 13mm barrels.
This 1.5mm barrels of oil decline in production is all the more remarkable because the price of oil was roughly $65 a barrel in 2019 versus well above $100 a barrel now. This more than 50% hike in the price should have incited more drilling, but we are getting less. The daily loss of U.S. GDP is now roughly $165 million a day thanks to the Biden War on American Energy.
In other news, Biden again said he is doing everything he can to lower gas prices.
Don’t Drill Baby