This is NY Post bs.
Trump did not deliver energy independence.
The oil industry actually hasnāt done that well under Trump
The oil industryās fortunes have been withering on President Donald Trumpās watch, with dozens of oil companies falling into bankruptcy as weak crude prices take a toll on the sector he contends
would be abolished if heās not reelected.
Though some of those industry woes were emerging last year as companies grappled with a glut of oil, people in the business say they were made worse by the presidentās trade wars and mishandling of the coronavirus pandemic. So far least
40 U.S. oil companies have sought bankruptcy protection in 2020 while dozens of others have slashed spending and cut tens of thousands of jobs.
But along with the rising number of bankruptcies, the oil and gas sectorās debt has skyrocketed by a third to almost $180 billion. U.S. oil production has slumped by a quarter from record levels hit in the past year, nearing levels last seen during Trumpās first year in office. Exports of oil, which began during the Obama administration, have dropped. Energy analysts at Platts Analytics expect U.S. oil shipments ā which the administration had cited as evidence of the nationās āenergy dominanceā ā will drop by about a third next year from 2020 levels.