Crude oil production in the United States increased in 8 of the past 10 years. In 2020, however, responses to COVID-19 contributed to the rapid decline in demand for refined petroleum products. As a result, crude oil prices fell to their lowest annual average since 2003, refinery runs decreased, and crude oil production was curtailed, which is documented in the complete set of final 2020 monthly data in the U.S. Energy Information Administration’s (EIA) recently released Petroleum Supply Monthly (Figure 1). Crude oil production in the United States in 2020 fell to its lowest monthly average during May when it was 10.0 million barrels per day (b/d), and it remained less than 11.0 million b/d until November. In 2020, U.S. crude oil production averaged 11.3 million b/d, 0.9 million b/d less than in 2019.--https://www.eia.gov/petroleum/weekly/President Biden is already boosting oil prices, and he’s barely gotten started.
Biden has pushed those prices, which were already rising because of severe weather, even higher by gratuitously alienating Saudi Arabia. The Gulf kingdom just surprised energy markets by announcing it would not raise oil output, despite developing supply constraints and rising prices. Oil prices jumped on the news, popping 4 percent to pre-pandemic levels for the first time in a year; the surge rattled markets already nervous about rising inflation.
Thanks Joe that's what America needs...ya fricken clown.
As gas prices soar, Americans can blame Joe Biden
Oil production should be ramping up the most in Red States who disbelieve in the pandemic.