As the world grapples with the existential crisis of climate change, environmental activists want President Joe Biden to phase out the oil industry, and Republicans argue he’s already doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history.
The United States is set to produce a global record of 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, according to a report published Tuesday by S&P Global Commodity Insights.
Last month, weekly US oil production hit 13.2 million barrels per day, according to the US Energy Information Administration. That’s just above the Donald Trump-era record of 13.1 million set in early 2020 just before the Covid-19 crisis sent output and prices crashing.
That’s been helping to keep a lid on crude and gasoline prices.
No one single thing is gonna make the difference. It’s really the combination of everything together sustained overtime. I mean, you’re not wrong, but it’s really everything working together that’s gonna be the trick.
I agree. My bad I took your comment as that being the only thing we need to do. Apologies
Yeah, no, it’s fine. I was just speaking within the context of why ramping up oil production in the US is important to the administration, for the sake of offsetting increasing costs from organizations, such as OPEC. If you recall, people in this country have been screaming about gas prices, and blaming Biden for it. Well, it shouldn’t be a surprise that he actually did something about it.
Ah nah sorry I don’t recall. I’ve intentionally cut myself off the news and most social media. It’s made me happier but it can bite me in the ass, like in this thread 😅
oh, well, now you have some context. I hope it makes more sense to you now ;)
This is my argument for restricting supply enough to increase prices. Higher prices are incentive for every usage to find alternatives. Most of the alternatives do already exist but will never be adopted when fossil fuel solutions are cheaper
Yep. As much as individuals may care, and corporations may give lip service to the environment, large scale usage patterns are still dictated by economics.