Big oil boom. So, everyone’s talking about climate change, right? Activists want President Biden to say goodbye to the oil biz, but hold up—guess what? The US is churning out oil like never before!
Pumping Oil at Lightning Speed
The US is all set to hit a global record by producing a whopping 13.3 million barrels per day of crude oil. Last month, we hit 13.2 million barrels per day—just a smidge more than what we did in the Trump era before the pandemic messed things up.
This insane oil production is actually helping to keep oil and gas prices in check.
US Oil Flowing Everywhere
The US is so good at this oil game that we’re shipping it abroad like there’s no tomorrow. We’re exporting as much oil and natural gas as Saudi Arabia or Russia. Crazy, right?
“It’s a reminder that the US has tons of oil. Our oil game is strong,” said Bob McNally from Rapidan Energy Group.
US Oil vs. OPEC+
While OPEC+ is cutting back on oil supplies to keep prices high, the US is pumping more than ever. Even countries like Canada and Brazil are joining the oil party big time. And guess what? Brazil might join OPEC+ soon.
Surprise, Surprise: US Oil Boom
Nobody saw this coming! Experts got caught off guard by the US pumping out so much oil. Goldman Sachs even lowered their oil price forecast for next year because there’s just too much US oil around.
What About Gas Prices?
Remember when gas prices were creeping close to $4 a gallon? Well, they’ve dropped since then, chilling at an average of $3.08 a gallon. That’s good news, right?
Biden’s Energy Policy in the Hot Seat
Even with all this record-breaking oil, Biden’s catching heat for his energy plan. People are saying he’s making it hard for new oil production, especially on federal lands.
Presidents vs. Oil
But hold on a sec—presidents don’t control oil production like that. It’s mostly decided by the market, not by some switch in the Oval Office.
“It’s not like Biden or any president can just dial up oil production,” McNally explained.
US Oil Boom: How Did We Get Here?
Oil companies are getting smarter about pumping oil more efficiently. They’re using better methods to extract more oil without drilling tons of new holes. Think of it as a smarter way to get more juice out of the same fruit.
Biden’s Oil Rollercoaster
Biden started off all about climate change, saying we should use less oil. But with crazy-high gas prices and stuff going on in Ukraine, he had to change his tune. He even gave the thumbs up to an oil drilling project in Alaska.
“Biden had to switch gears when reality hit him—high gas prices and the Ukraine thing,” said McNally.
That’s a wrap! The US is making oil history, and Biden’s energy plans are getting mixed reviews in the middle of this oil bonanza.