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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.
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No, it went up approximately 25%, with the largest increases happening the 2 months after the election...
Crude Oil (petroleum) - Monthly Price - Commodity Prices - Price Charts, Data, and News - IndexMundi
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What we have seen since Biden took office is a continuation of the same trend that started in September 2020.
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No, from June thru November, there was barely any change.
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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.
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Banning new leases on public lands for oil and gas most certainly added to the "missing" 1.5 million barrels...
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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.
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Those are additional wells on existing sites.
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You can argue with me about this if you want, but you will be wrong.
thanks to Robert Rapier
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Or, you could be wrong...