Washington Update From the U.S. Oil and Gas Association - 9.1.2023
And in Other News
September 1, 2023
Dear Politico, give us a ring if you really want to understand domestic oil production.
Recently Politico ran this article, “The U.S. is pumping oil faster than ever. Republicans don’t care.” Politico thinks they have found a flaw in complaining about the Biden Administration’s bad track record on oil and gas production—increased domestic production.
From the article:
The late-summer surge in gasoline prices is heightening the risks that inflation poses for President Joe Biden, and offering Republicans a new chance to pin the blame on his green agenda.
The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.
The GOP narrative is correct. President Biden hates domestic oil and gas production and has taken well over 150 actions to make it harder to produce oil and gas in the United States. He should properly be blamed for working against domestic oil production. This is particularly true because the Administration has created an unfavorable investment climate in which investment levels have not kept up with growing demand.