The United States is producing more oil than any country in history

In news that will bring glee to all patriots and scorn to all magas:

New York CNN — As the world grapples with the existential crisis of climate change, environmental activists want President Joe Biden to phase outthe oil industry, and Republicans argue he’salready doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history.

The United States is set to produce a global record of 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, according to a report published Tuesday by S&P Global Commodity Insights.​

The US is energy independent again by a significant margin after a failure of the prior administration after collusion with foreign nations to decrease supply during the pandemic. Many economists have shown that this disastrous action along with other failed policies such as quantitative easing and free money to corporations exacerbated inflation that the Biden Administration is just now getting under control.

We have seen time and time again that following a Republican administration we experience a recession or inflation only to be cured by the upcoming Democratic administration.

Who’ll voters notice this trend going into the 2024 elections or will they elect more failed policy?

 

ruh roh …

 

Serious question - why is gas so expensive then?

 

Same reason most goods raised so significantly when there were market interruptions but never lowered.

Corporations are seeing profit levels never seen before in the history of this nation. And no one seems to know how to address it.

 

The increase is nearly 100% the result of production on private land. Government, Republican or Democrat, at any level has anything to do with it son.

https://www.enersection.io/u-s-federal-oil-gas-production/

 

From your own source:

Even if total U.S. oil production isn't at all-time highs, production from federal lands is

Perhaps surprisingly, coal production on federal lands has increased under the Biden administration

Republican records are being trounced boy

 

Someone doesn't know how to read the scales on graphs.

 

Been coming down around here

 

Gas is sold at world market prices...not at a national price. And if memory serves, it can only be bought and sold in US $$$$s.

 

So why does WTI always trade at a discount to OPEC if there is no national oil price?

 

Uh, I believe we were energy under Trump as well. I'm pretty sure he didn't beg Arabia to produce more ad Biden did. Nor did Trump run down our National Petroleum to a two-week supply.

 

Futures (speculation) are not current world price. Oil at the pump is sold at world price. This is what oil companies want.

 

Oil production at all time highs.
Oil exports at all time highs.
The true definition of energy independence.

Thank you President Dark Brandon!

 

Has Brandon restocked the strategic oil reserves yet?

 

Go Biden, best President ever, everyone says so... the last President could not do this, sad

 

restocking it with cheaper oil then when removed... profit, win for Biden

 

Bottom line - Fossil Fuel capitalists have waaaayyy too much political power

 

Whereabouts might you have come across this information?

 

The Energy Department in October said it would buy back oil for the reserve at $79 per barrel or lower, after it had received an average of about $95 a barrel from last year's emergency sales. It plans to release monthly offers to buy crude for the emergency stash through May next year.

 

Oil is not sold at the pump son. Why is the spread fairly consistent across all future deliveries as well as the spot price?

But I think I'm going to add what you're saying here to my signature. "You pump oil into your gas tank, and it's the same price globally"

 

You could have looked it up yourself.

https://open.alberta.ca/dataset/5e6...laining-oil-price-differentials-formatted.pdf

Primarily, because WTI is produced inland, so must be transported to the coast where it is cheaper to ship, and because America generally prohibits the export of crude oil.

 

I work in the industry. I know all this. WTI is actually of higher quality than Brent. I'm addressing something Hey Now said.

As you said, the US doesn't export oil. Generally domestic crude is cheaper, if WTI was more expensive, then deliveries wouldn't be purchased.

 

Not sure the last time you went to a gas station, but in NJ, regular is below $3 a gallon. Further, not sure why anyone thinks oil companies are going to go out and drill for more oil, just to lower prices. And even further, if one pays attention to the news, recently both Russia and Saudi Arabia cut production to keep oil prices up.

Hope that answers your question.

 

Because we're selling it on the world market like everyone else is and that's what sets the price.

In reality, every drop of oil pulled out of American soil should stay in America.

 

That energy independence includes all forms of energy generation, not just oil. We were still importing oil under Trump. The major driver of that independence claim was natural gas. Renewables were also a factor.

Despite this energy independence, energy costs continued going up for Americans. Even gas prices were not much different. The only people who really benefited were the energy companies and their shareholders.