Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says
ForbesMAR 31 2023
Though Pres. Biden has been accused of being an enemy of the American oil industry, it's precisely during his stint that oil production is set to reach 12.8M bpd for the first time — nearly 3M bpd more than Saudi Arabia, the next-closest producer. Republicans may unfoundedly claim that Biden is to blame for increasing oil prices when growing domestic output is, in fact, cushioning the impact of OPEC+ output cuts.
If the US oil industry has been able to counter OPEC+ production cuts, it's not due to Biden since he's an outspoken critic who has expressed his ambition to stop all drilling across the US. If America had a consistent energy agenda focused on its people's best interests instead of the ESG movement's, domestic oil output would be even higher.