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[quote=Anonymous][quote=Anonymous]"Crazed" is repeatedly insisting that gas prices are the result of Biden supposedly killing the oil industry when the data clearly shows that US oil production has been rising since Biden took office and we are currently producing at higher rates than any time for the entire 100 years from 1918-2018.  It's higher than it ever was during Bush or Reagan, nearly double what it was 20 years ago.

[img]https://freebeacon.com/wp-content/uploads/2022/06/unnamed.png[/img]

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Again, production is being maintained flat/marginally increasing because of the reduction of drilled but uncompleted wells. This is consuming inventory to maintain production somewhat flat and it is a big freaking problem especially when combined with the massive SPR release. We’re heading toward a really big problem in the fall after the SPR release is complete. You need a massive mobilization of production which will take 1-2 years to come online and/or major hit to the demand side.  You aren’t going to get production without more certainty from governments thet oil isn’t going to get crushed in the next 5-10 years.

Comparing oil production today to 20 years ago just betrays your ignorance. Hint:  due to the shale revolution which is less than 15 years old, the USA became the swing producer of oil. Of course world wide oil prices are up when the swing producer is slowing down drilling.

Here is the most recent DUC data:

[twitter]https://twitter.com/garquake/status/1536451826404446213?s=21[/twitter]

Here is John Kerry a few days ago—and you all are wondering why oil companies aren’t drilling.

[twitter]https://twitter.com/housegop/status/1536813924905017346?s=21[/twitter][/quote]

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