U.S. on pace for record oil production despite Biden’s green agenda frustrating the energy industry

  • 📰 WashTimes
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Domestic oil production is forecasted to reach an all-time high by the end of this year, even as President Biden’s climate change agenda seeks to blunt fossil fuel output and consumption.

While presidents largely lack control over short-term oil supply and costs at the pump, industry analysts say Mr. Biden has done long-term damage to production with regulatory uncertainty from “mixed signals” between his green energy policies and calls for more oil to blunt high gasoline prices.

Despite anti-oil policies that Republicans blame for inflating gasoline prices, the U.S. is expected to break pre-pandemic oil records by producing an average of 12.8 million barrels per day this year and 13.1 million in 2024, according to the U.S. Energy Information Administration. Mr. Biden and his top officials have prodded Big Oil to produce more to lower prices while at the same time promoting restrictive policies.

Recent elevated gasoline costs have been caused by higher crude oil prices, increased global demand, production cuts in the Middle East and heat waves limiting domestic refining capacity. Global oil demand in August was at 101.4 million barrels per day, slightly outpacing supply at 100.8 million barrels, according to the EIA.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 235. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Malaysia to ban export of rare earths to boost domestic industryMalaysia will develop a policy to ban exports of rare earth raw materials to avoid exploitation and loss of resources, Prime Minister Anwar Ibrahim said on Monday, making it the latest country to restrict shipments of key minerals.
Source: Reuters - 🏆 2. / 97 Read more »