Ignore the analysts’ misinformation oil slick: Biden is making real progress on energy
BYJEFFREY SONNENFELD AND STEVEN TIAN
October 21, 2022 at 5:48 PM EDT
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But this dystopic vision is grounded in misleading information. Perhaps these energy analysts would be wise to redirect their fire from President Biden and target their skepticism towards the duplicitous Saudi-Russian OPEC+ cartel instead. These biased analysts, who projected that oil would be $400/barrel by now instead of the current $84/barrel, do not acknowledge certain key realities, including:
* The U.S. is now the world’s largest oil producer and needs almost no Saudi oil; as the U.S. has already cut its imports of Saudi oil by over 90% over the last decade to a mere 356,000 barrels a day.
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* The billions of dollars oil producers lost in 2020 was not due to Biden, who had not been elected yet, but due to COVID-related economic shutdowns.
* Federal leases under Biden far exceed those under Trump—with 3,557 permits for oil and gas drilling on public lands in Biden’s first year, far outpacing the Trump Administration’s first year total of 2,658, with record numbers of unused leases. That’s the case even though all federal leases combined account for less than 20% of all U.S. oil and gas production.
more:
http://fortune.com/2022/10/21/biden-energy-policy-oil-prices-misinformation/
Do something positive.
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