Do read beyond the headline:
Despite passing the Inflation Reduction Act, which provides
hundreds of billions in investment and tax credits for such projects, U.S. oil production also
reached a new record under President
Joe Biden, further increasing supply.While some have argued allowing this to occur was part of an effort to tackle post-pandemic inflation, environmentalists have criticized the administration and called on the White House to curb oil exports to reduce fossil fuel emissions while maintaining America's domestic supply.However,
Republicans have argued that, after the inflationary pressures of the coronavirus pandemic and the war in Ukraine, America needed to
improve its energy security by increasing production—something environmentalists say will not quash price rises in the near term.
Former president and likely GOP nominee
Donald Trump has vowed to approve more oil extraction if re-elected in November, telling his supporters at a rally in January that "we're going to drill, baby, drill."
And then there is this:
The administration said oil and gas companies would be able to drill in just three new areas in the Gulf between 2024 and 2029, the smallest number of lease sales offered since the federal drilling program began decades ago.
https://www.nytimes.com/2023/09/29/clim ... ades%20ago.
And then there is this:
Biden angers all sides with scaled back offshore oil drilling plan
Sept 29 (Reuters) - The Biden administration's plan to slash offshore oil and gas leasing drew fire from both the fossil fuel industry and environmentalists on Friday, with energy companies saying it will raise fuel prices and greens saying it undermines efforts to stop global warming.
The criticism from both sides reflects the difficulty Biden's White House has had in dealing with U.S. oil extraction policies, as it seeks to balance national energy security with the need to cut greenhouse gas emissions to fight climate change. Biden had promised on the campaign trail to end new federal leasing, but has been blocked by the courts from doing so, and discouraged by rising pump prices that political analysts say could hurt his chances of reelection.
https://www.reuters.com/markets/commodi ... 023-09-29/
And we have already had the discussion concerning the reason why, with less wells, why the US production has increased. It is despite Biden's policies.