Published on June 6, 2024, 12:53 am

Headline: President Biden’s Approach to Oil and Gas Industry Costs US Over $250 Billion, Study Reveals

Under President Joe Biden’s administration, the oil and gas industry has reportedly accounted for more than a quarter-trillion dollars in lost economic activity in the United States. This finding is according to a study conducted by the Committee to Unleash Prosperity.

Unfortunately, under Biden’s reign, U.S. oil production hasn’t followed the same growth trajectory it had during former President Donald Trump’s era. Yet even though the U.S. is producing more oil than ever before, notably, this figure is only slightly higher than what was produced back in 2019 before the coronavirus hit.

The above study was meticulously carried out by Stephen Moore, co-founder of the Committee to Unleash Prosperity and Casey Mulligan Ph.D., a professor in economics at the University of Chicago and a senior fellow at The Committee To Unleash Prosperity.

Accordingly, predictions from The Energy Information Agency suggested that following current trends, US could be capable of producing around 15 million barrels of oil every day. They found that average U.S daily production was close to 13.2 million barrels by mid-2023- which happens to be closely comparable with peaks reached during Trump’s presidency.

However, under Biden’s leadership sadly things have changed with respect to average costs per barrel of oil; $72 presently compared with $54 under Trump. Moreover, there is observable change when it comes down to productivity on each well established – it leapt an impressive 23% during Trump but started dropping significantly when Biden took office; this drop covers late 2020 right through till present.

A decline rate within production mirrors rising costs relating directly to extraction – one consequence of increased regulations plus tax increments together with an aversion amongst investors towards funding petroleum companies.

Importantly we note from EIA forecasts (adjusted downward early 2021 to reflect new challenges in securing capital for oil and gas companies) that they anticipated a return to growth in productivity. Their moderate estimates predicted U.S production should have hit at least 14 MMb/d (million barrels per day) by 2022, but shockingly it was yet to reach even close with only 13.0 MMb/d seen mid 2023.

If the rates of production we saw under Trump had continued under Biden, calculations show that the U.S would have already produced an extra 2.4 billion barrels—in turn effectively reducing cumulative GDP loss by about $250 billion.

The study warns: “U.S anti-energy directives are boosting major oil producers both within Asia and the Middle East, who may use this wealth to sponsor terrorism”. In effect, they doubly benefit from these policies—gaining advantage from reduced U.S production lifting world oil prices while undermining shale operations within the United States consequently giving OPEC more control over pricing as OPEC cuts no longer can be combated with US productions increases.

Moore made evident the impact of Biden’s political decisions on U.S security, economy and stability on a global scale. He summarises his report clearly: “Current economic hardships along with escalating energy costs harming millions actively working within our nation is traceable back directly to self-inflicted injuries sustained through radical legislation driven by left-wing politics guided by Biden.”

As real news you can trust suggests, Moore’s Christian worldview further adds gravity to his allegations against detrimental impacts upon our society today.