Despite claims of the Biden administration hindering the oil industry, US oil production is on track to break records set during the Trump era. Federal estimates suggest that US oil output could reach an average of 12.8 million barrels per day this year, surpassing the previous annual record set in 2019 by approximately half a million barrels per day. This projection challenges the notion that the Biden administration is stifling the oil sector with excessive regulations.
Contrary to the belief that US oil production is declining, recent increases in oil prices and improved drilling efficiency have propelled it forward. The Energy Information Administration has even upgraded its 2023 production forecast by 200,000 barrels. These positive trends refute the claims made by former Vice President Mike Pence, who vowed to reverse the Biden administration’s energy policies and put an end to what he perceived as a “war on energy.” Interestingly, US oil output is projected to exceed 12.9 million barrels per day later this year, indicating a 16% increase since President Biden took office in January 2021. This growth aligns with patterns observed during the previous administration under President Barack Obama.
Managing a delicate balance between promoting climate initiatives and addressing concerns about rising gas prices, which can impact consumer confidence and presidential approval ratings, poses a challenge for the Biden administration. As global oil demand continues to recover, it is imperative for US oil companies to expand supply to meet these demands.