The US is still far behind it's pre-pandemic crude oil production levels. The Biden administration is hindering the increase in US oil production. As we produce less we increase the price helping Putin.
Why?
In a Fact Check released on March 7, the Institute for Energy Research (IER) pointed out that oil exploration on federal lands rapidly declined under the Obama administration.
“The reality is that federal lands vastly underperform on oil and gas production versus state and private lands because the federal government owns the majority of the mineral estate,” the IER wrote.
“You can hold a lease without deciding to develop or produce it based on the economics of that lease. Companies have always made decisions based on lease economics,” Ingham said of TAEP. “To suggest they’re not going to offer more leases until companies drill what they have now—that’s making decisions on behalf of companies that the administration is neither qualified nor authorized to make.”
Tim Stewart, president of the U.S. Oil and Gas Association, had a straightforward response to Biden’s March 8 comments.
“Cut the crap and approve our permits.”
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