Stupid people.. We were never energy independent. Production increased from 4.5 million bpd to 10 million bpd under Obama and we imported 8 million bpd.. We still import 8 million bpd except for 2020 when covid reduced market demand.
"Biden orders reversal of Trump’s ‘energy independence’ policies
On January 27, President Biden issued executive orders which did just the opposite. He revoked the federal permit for the continued construction of the Keystone XL Pipeline, which will cost 11,000 jobs (8,000 are union jobs), and he temporarily stopped granting permits for oil and gas operations on federal lands, which will reduce U.S. oil production and was immediately challenged with a lawsuit.
For the oil and gas industry, Biden’s orders specifically mentions methane emission regulations to establish comprehensive standards of performance and emission guidelines from existing oil and gas operations by September 2021.
Additionally, the order requires Texas to submit State Implementation Plan for Ozone National Ambient Air Quality Standards (NAAQS) by January 2022.
The governments of Canada and Alberta wanted the pipeline completed because it would transport some 830,000 barrels of oil sands every day to consumers in the U.S. Proponents argued that the pipeline would transport a much needed resource from a North American neighbor instead of importing oil by tanker from far away countries.
However, Biden stated in his order the “pipeline would not serve the U.S. national interest.”
Supporters of allowing the development of petroleum resources on federal lands pointed out the change will be costly, and it was challenged immediately with the filing of a lawsuit in the U.S. District Court in Wyoming.
“Restricting development on federal lands and waters is nothing more than an ‘import more oil’ policy,” Mike Sommers, president of the American Petroleum Institute, said.
“With this move, the administration is leading us toward more reliance on foreign energy from countries with lower environmental standards and risks to hundreds of thousands of jobs and billions in government revenue for education and conservation programs.”
Sommers said a permanent federal leasing ban would result in U.S. oil imports rising 2 million barrels per day by 2030, and U.S. gross domestic product declining $700 billion during the same span.
Texas would lose 120,000 jobs, and about 1 million jobs could be lost by 2022 nationwide.
The federal government could lose an estimated $9 billion in taxes, lease bonuses, and royalties.
With dwindling supplies, many forecast rising petroleum prices and U.S. household could spend a cumulative $19 billion more on energy by 2030, the API study stated.
Biden’s executive orders will reduce U.S. oil supplies that reached historic levels of 13 million barrels per day just one year ago.
The increase in production allowed the U.S. to become a net exporter of oil and natural gas. It was labeled by some as an “energy renaissance” and others called it “energy independence.”
Joe Biden revoked the federal permit for the continued construction of the Keystone XL Pipeline.
www.timesrecordnews.com
