[Topspinmo]

Originally Posted by gdennis317

Summer of 2020, U.S. oil production dropped by 3 million barrels per day (BPD). It was the largest short-term drop in history, and that was on Trump's watch. It wasn't his fault, but he also was powerless to prevent it.


Since the 2020 plunge, oil production has bounced back by 1.5 million BPD, but we are still 1.5 million BPD below where we were in January 2020. But demand started to recover last summer. The people raging against Biden surely don't know this: During the last five months that Trump was in office, oil prices increased by 43%. Again, not his fault, but he was also powerless to prevent it.

What we have seen since Biden took office is a continuation of the same trend that started in September 2020. Demand has recovered, and supply has not. When you are missing 1.5 million BPD of oil supplies -- which has also played out in many other countries -- you are going to have surging prices. There is absolutely nothing a President can do about it. He can scream at the oil companies. He can scream at OPEC. But there is nothing he can practically do to move the needle in the short term when 1.5 million BPD of oil supplies are missing.

Oh, and if you are one of those "Biden is preventing drilling" people, consider this. Since he took office, the number of rigs drilling for oil has risen by 62%. Again, not because of him, and not despite him. A function of the rising price of oil.

You can argue with me about this if you want, but you will be wrong.

thanks to Robert Rapier

I can argue with anybody. Lots thing control oil prices. Reducing ability to transfer oil to refineries does impact oil delivery which intact prices, not mention all jobs lost. But, some not worried about jobs. And another thing when prices was at rock bottom low (less than 2 dollars gallon) it cost more to produce it, so naturally production would fall of and it had now where to go but up. Another thing when prices are high naturally their going drill more to turn profits.