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Under Biden, US oil production is poised to break Trump-era records | CNN Business

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US oil output is now projected to rise to an average of 12.8 million barrels per day this year for the first time ever, according to federal estimates released Tuesday

. For context, that’s about half a million barrels per day more than the prior annual record set in 2019. It’s also more oil than any other country on the planet produces — the next-closest nation, Saudi Arabia, produces about 10 million barrels per day, according to OPEC. The looming milestone undercuts the argument made by some 2024 GOP presidential contenders that the Biden administration is strangling the oil industry with red tape.

And yet this White House is especially sensitive to spikes in gas prices because voters view pump prices as a key economic barometer. “Rising pump prices always terrify a sitting president because they hurt consumer confidence and the president’s approval rating,” Rapidan Energy Group wrote in a note to clients earlier this month. “But the stakes are even higher now since rising oil prices threaten to blow the Fed’s hoped-for ‘soft landing’ off course.

 

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