Former President Donald Trump’s prediction of President Joe Biden’s intentions to “destroy the oil industry” during the 2020 presidential campaign has not materialized as expected. In fact, the United States has witnessed unprecedented levels of oil production, outputting more of it than any other nation has in human history.
New data released by the Energy Information Administration (EIA) confirms this trend, revealing that the U.S. produced a record-breaking 12.9 million barrels of oil per day in 2023. This figure exceeds the previous worldwide high of 12.3 million barrels set in 2019 during the Trump administration.
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These statistics defy the narratives pushed by some on the political right regarding the fate of the oil industry under Biden. However, they also challenge the notion that Biden’s policies aimed at transitioning away from oil have taken significant effect.
The Biden administration’s commitment to shift away from fossil fuels has included imposing moratoriums on new oil and gas leases on federal lands and waters, where nearly a quarter of the nation’s domestic oil supply still originated from prior to these measures. The White House has also introduced initiatives that impose new fees and emissions fines on the industry to incentivize a transition to alternative energy sources.
Nevertheless, American oil production accounted for almost one-fifth of the world’s total supply in the 2023, solidifying its position as the global leader. Not only that, but the U.S. is actually projected to surpass its 2023 oil production record multiple times in the coming years.
The surge in U.S. oil production can be attributed in part to geopolitical developments, particularly Russia’s invasion of Ukraine, which prompted European nations to seek alternative oil suppliers due to sanctions imposed on Moscow. Consequently, the U.S. emerged as the top crude oil supplier to Europe.
Advancements in drilling technology — notably horizontal drilling and hydraulic fracturing — have also played a pivotal role in increasing oil productivity. These innovations have enabled energy companies to extract more oil from existing sites, contributing to the surge in production.
[TRUMP]
“Basically what he’s saying is he is going to destroy the oil industry.”
[JACK AYLMER]
THAT PREDICTION FROM FORMER PRESIDENT TRUMP BACK IN 2020 – HASN’T EXACTLY PLAYED OUT.
IN FACT, RIGHT NOW, THE U.S. IS PRODUCING MORE OIL THAN ANY OTHER NATION HAS EVER BEFORE – IN HUMAN HISTORY.
THE ENERGY INFORMATION ADMINISTRATION RELEASED NEW DATA TO BACK THIS UP.
ACCORDING TO THE EIA, THE U.S. PRODUCED A RECORD BREAKING 12.9 MILLION BARRELS OF OIL EVERY DAY IN 2023.
THAT BEAT OUT THE PREVIOUS HIGH MARK OF 12.3 MILLION BARRELS, WHICH WAS SET BY THE U.S. IN 2019 UNDER THE TRUMP ADMINISTRATION.
THOSE FIGURES DON’T EXACTLY LINE UP WITH WHAT SOME ON THE RIGHT HAVE SAID ABOUT THE OIL INDUSTRY UNDER PRESIDENT BIDEN.
Steven Palazzo
“I rise today to address President Biden’s attack on American energy independence.”
Tom McClintock
“I mean, look at this war on fossil fuels. Fossil fuels produce 80% of electricity in our economy, they produce it far more cheaply than wind and solar.”
[Lauren Boebert]
“He has made it clear that he cares more about appeasing the radical climate change activists than protecting the millions of oil and gas workers and producers in America.”
[JACK AYLMER]
BUT, THE DATA ALSO DOESN’T REALLY ALIGN WITH BIDEN’S PLAN TO TRANSITION AWAY FROM OIL EITHER.
[Biden]
Unlike previous administrations, I don’t think the federal government should give handouts to big oil
[JACK AYLMER]
AND BIDEN HAS KEPT THAT PROMISE – EVEN GOING SO FAR AS TO PLACE MORATORIUMS ON NEW OIL AND GAS LEASES ON FEDERAL LANDS AND WATERS.
PRIOR TO THAT, NEARLY A QUARTER OF THE NATION’S DOMESTIC SUPPLY CAME FROM LEASES ON FEDERALLY OWNED AREAS.
BUT, THE ADMINISTRATION HAS PUSHED AHEAD WITH MULTIPLE PIECES OF LEGISLATION THAT AIM TO FURTHER REDUCE WHAT IS AVAILABLE FOR OIL COMPANIES.
ON TOP OF THAT, THE WHITE HOUSE HAS IMPOSED NEW DRILLING FEES AND EMISSIONS FINES ON THE INDUSTRY TO FURTHER INFLUENCE A TRANSITION AWAY FROM THIS ENERGY SOURCE.
YET, DESPITE ALL OF THIS, AMERICAN OIL STILL ACCOUNTED FOR ALMOST A FIFTH OF THE PLANET’S TOTAL SUPPLY LAST YEAR, MAKING IT THE WORLDWIDE LEADER.
NOT ONLY THAT, THE U.S. IS ACTUALLY EXPECTED TO BEAT OUT ITS 2023 OIL RECORD AGAIN DURING THE COMING YEARS.
SO, HOW IS THAT POSSIBLE?
WELL, RUSSIA’S INVASION OF UKRAINE INCENTIVIZED COMPANIES TO PULL EVERY LAST DROP OF OIL FROM THEIR EXISTING WELLS.
MANY EUROPEAN nations RELIED HEAVILY ON RUSSIA FOR THEIR OIL NEEDS.
WHEN THAT SUDDENLY STOPPED BEING A POSSIBILITY DUE TO INTERNATIONAL SANCTIONS AGAINST MOSCOW OVER THEIR AGGRESSION IN UKRAINE, IT POSED A MAJOR PROBLEM FOR EUROPE’S ENERGY NEEDS.
SO, MANY COUNTRIES WITHIN THE CONTINENT HAVE SINCE BEEN USING AMERICAN OIL AS A REPLACEMENT.
MAKING THE U.S. NOW THE TOP SUPPLIER OF CRUDE OIL TO EUROPE.
ADVANCEMENTS IN DRILLING TECHNOLOGY HELPED U.S. COMPANIES PROCURE ALL THAT EXTRA OIL.
THAT’S BECAUSE HORIZONTAL DRILLING AND HYDRAULIC FRACTURING INNOVATIONS HAVE INCREASED THE PRODUCTIVITY OF OIL WELLS.
THIS HAS ALLOWED ENERGY COMPANIES TO ACCESS MORE OIL FROM EXISTING SITES THAT WAS PREVIOUSLY UNATTAINABLE WITHOUT SIGNIFICANTLY MORE DRILLING.
AS BIDEN’S GREEN ENERGY PUSH CONTINUES, OIL IS STILL POISED TO BE A CONTINUED PART OF THAT TRANSITION.
ITS SOMETHING THE PRESIDENT HAS EVEN ACKNOWLEDGED HIMSELF.
[Biden]
“We’re still gonna need oil and gas for a while.”
[JACK AYLMER]
WITH THOSE ANTICIPATED U.S. OIL PRODUCTION INCREASES ON THE HORIZON, THOSE OIL PIPELINES PROBABLY WON’T STOP FLOWING ANYTIME SOON.
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