THe Biden Administration has done more to STOP oil production than ANY previous Administration.
Oil production is a game of balance, bringing new wells on line as old wells deplete.
What is not happening is that through Edict and EPA, the required leases are not being offered onshore or offshore. ANWR, that small pinpoint in that huge area has been restricted again. Offshore leases are not being let, and when they are, additional restrictions are being imposed like expanding the 10 MPH limit on oilfield supply shipping, while other vessels are permitted to go as fast as they like, supposedly to protect some endangered whales (which are lucky they don't live where windmills are going in).
In addition, from Day one, the Biden Administration has stopped or hampered infrastructure development, beginning with shutting down the Keystone XL Pipeline, putting tens of thousands out of work with a stroke of the pen, killing a 1.5 billion dollar investment, and stopping the transshipment of 800,000 BOPD of crude oil. Other projects have been hampered or cancelled as a result of the Administration's actions. Note: Congress isn't the force here, unelected bureaucrats granted the power to promulgate regulations are. Congress could take that power back, or limit it, but has failed to do so, and would need a veto proof majority to get past the 'Big Guy'.
The effects of this policy won't be really felt for a few years, when the currently operating wells deplete, and there are no prospects and new wells to replace them. Cutting the number of people
working in the industry (that falls with the rig count) will only mean that when the next 'boom' happens, there will be a serious shortage of experienced personnel to train the next group in the oilfields, and likely the rigs with which to drill will have been scrapped.
It costs money to store/maintain an idle drilling rig.
