- Jul 23, 2023
- Reaction score
- NC, USA
- SA, Namibia, Argentina, Uruguay, Turkey, Ireland, England, Hungary, Bulgaria, Canada and all over US
if you compare oil production over the course of a presidency, it’s technically highest under Biden.We are producing a lot under this president - but not the most.
But your point with respect to market determination is exactly correct. For instance, prices have to be high enough to make the US shale fields economically viable.
Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day.www.macrotrends.net
According to EIA statistics, on average oil production reached just over 11 million barrels a day during the Trump administration. So far, with 14 months of available data, it's 11.2 million barrels a day during the Biden administration.
Main point is Presidents has nothing to do with oil prices be it Biden or Trump or whoever. It's a global commodity and dictated by supply and demand.