Thanks to Heather Cox Richardson:In fact, according to a piece by E. Rosalie in the newsletter Hoaxlines, U.S. production of crude oil during Biden’s first year was actually higher than it was in Trump’s first year. To encourage production, Biden’s officials have issued more permits on federal lands than were issued in the Trump administration’s first three years, at a pace that approaches that of George W. Bush’s administration.
Russia’s war on Ukraine has also driven up global oil prices, but the U.S. gets less than 2% of its oil from Russia.
What appears to be driving U.S. gas prices is the pressure investors are putting on oil companies, whose officers answer to their investors. Limited production creates higher prices that are driving record profits. In a March 2022 survey of 141 U.S. oil producers asking them why they were holding back production, 59% said they were under investor pressure. Only 6% blamed “government regulations” for their lack of increased production.
Thanks to Heather Cox Richardson:In fact, according to a piece by E. Rosalie in the newsletter Hoaxlines, U.S. production of crude oil during Biden’s first year was actually higher than it was in Trump’s first year. To encourage production, Biden’s officials have issued more permits on federal lands than were issued in the Trump administration’s first three years, at a pace that approaches that of George W. Bush’s administration.
Russia’s war on Ukraine has also driven up global oil prices, but the U.S. gets less than 2% of its oil from Russia.
What appears to be driving U.S. gas prices is the pressure investors are putting on oil companies, whose officers answer to their investors. Limited production creates higher prices that are driving record profits. In a March 2022 survey of 141 U.S. oil producers asking them why they were holding back production, 59% said they were under investor pressure. Only 6% blamed “government regulations” for their lack of increased production.