Biden admin says oil production is at historic levels. But there’s one problem
April 30, 2022 | BPR Wire
Domestic crude oil production has sharply decreased for three consecutive months even as demand and prices have remained elevated, according to federal data released Friday.
Total U.S. oil production decreased to about 11.3 million barrels per day in February, down 3.9% from the 11.8 million barrels per day produced in November, the latest Energy Information Administration (EIA) data showed. Between Nov. 1-Feb. 28, though, pump prices increased 6.4% from $3.39 per gallon to $3.61 a gallon.
“I was a little bit shocked when I first saw the numbers,” Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation in an interview. “It tells me that President Biden is going to have to work more like the devil in order to increase production.”
“It’s a reflection of the fact that the investment climate is awful,” he added.
By comparison, between November 2018-February 2019, production declined 1.8% and between November 2019-February 2020, production dropped just 1.1%, according to the federal data. But between November 2020-February 2021, the period when President Joe Biden replaced former President Donald Trump, production dropped a whopping 12.1%.
Meanwhile, administration officials have suggested that producers are drilling at a “historic” rate and don’t need further leases.
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https://www.bizpacreview.com/2022/04/30/biden-admin-says-oil-production-is-at-historic-levels-but-theres-one-problem-1232142/
