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The War on Oil and Gas has Cost America $250 Billion in Lost Output

Today CTUP released our new study on the impact of Biden’s war on American oil and gas. The war is working – against America’s economic and security interests.

U.S. oil production has fallen short by between one and five million barrels PER DAY compared to the pro-drilling policies under Trump. This has meant a loss of 2.4 billion barrels of missing domestic oil from markets between 2021 and the end of 2023. The reduced output has also led to a cumulative GDP loss of approximately $250 billion through today.

The Biden team says that domestic oil output is near an all-time high, but given the rapid increase in oil prices and the productivity trends (from shale oil and gas drilling), output should be much higher.

This report was highlighted in the Daily Wire:

Also, The New York Post, added some of their graphics wizardry to one of our charts:

The full report by CTUP senior fellow and University of Chicago economics professor Casey Mulligan along with CTUP co-founder Stephen Moore is available here:

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