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Last month the EIA released data showing energy production and consumption numbers for all of 2022. You can see all the data here. In 2022, U.S. net energy exports grew to 5.94 quads, which is the highest number on record. Total U.S. energy production was also the highest on record. Overall, the U.S. produced 2.5% more energy in 2022 than we consumed. By comparison, in 2005 the U.S. consumed 44% more energy than we produced.
In conclusion, 2022 marked the highest level of US energy independence since before 1950. This milestone was achieved through a combination of factors, including the shale boom which led to a steady decline in net energy imports, rather than being solely attributed to any specific presidential administration.
Biden sure likes to remind us how gas has come down under him BUT it had also reached an all time high when he took office and we are still on average $1 more per gallon than we were with Trump in charge.
Oh well, so where is all that extra energy going? My guess would be Ukraine with 10% back to the Big Guy. Ukraine is getting everything else so why not our extra energy too?
Biden sure likes to remind us how gas has come down under him BUT it had also reached an all time high when he took office and we are still on average $1 more per gallon than we were with Trump in charge.
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Two things I will point out here.
While Trump was president Saudi Arabia was fighting a price war with just about everyone else, pumping at capacity, this was intended to cripple other country's oil drilling industries. The US industry was one of their targets, as was Russia and the North Sea and Venezuela. It made gasoline worldwide pretty cheap while this went on.
The low prices crippled the US oil drilling industry, as expected. Hundreds of wildcatters and independent producers went out of business. Their assets were picked up at discounts by the Big Oil companies, who strengthened their grip on the jugular of our economy.
It is well known that energy cost is a prime driver of inflation, and MAGA's friends in the oil industry have been making astonishing excess profits lately while we all suffer.
The strategic reserve goes up and down all the time. Releasing some of it can help the consumer in a pinch, but the strategic reserve represents a small percentage of the total volume of oil transacted in the marketplace.
Another relatively unknown fact is that the US has a great deal of refining capacity, so oil comes in from different parts of the world to be refined and goes straight out again into the world market. This refining service is an important part of our economy, but it does not necessarily increase our own supply.
US production is definitely up, but that is most likely due to the number of old DUC wells brought to completion. These are mostly wells that were drilled but shut down due to the low price of crude coming out of Saudi Arabia while they were having their fun and games ruining everyone else's oil industries.
First off, I agree with the article especially that the president can't control all of the many aspects in play in these scenarios and it's good news for the US.
The political reality is (as always) trying to blame the president for gas prices or anything else and only a raging hypocrite would claim that it's just the other side doing this.
I don't see this being a campaign issue, gas prices and inflation in general will be the target if it were today but with the increasing interest rates who knows what 2024 will bring.
If all of this were true, why did Biden go begging to the Saudis for more oil? If the U.S. is so energy independent, why are gas prices and home heating costs through the roof?
If creepy demented Biden is that great, why hasn't he done anything to control the price gouging? Even if Trump had less production (allegedly) than there is under Biden, the country certainly had lower costs to the consumer. People didn't have to decide whether or not to fill up their tanks or put food on the table, a problem that has come to exist since day one of this pathetic incompetent administration.
You can pump up Biden all you want, but you're only fooling yourself.
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