Yes, much less.
Production was much less than the present before Covid.
I'm not sure what you are talking about.
I am asking if you ever did.
Trump may be able to do both since he will have to replenish the Strategic Oil Supply that will soak up some of the extra supplyBiden urges oil companies to boost supply, slams high profit margins as ‘not acceptable’ in new letter
WashingtonCNN —
President Joe Biden is calling on major oil refinery companies to take “immediate actions” to ramp up supply, telling them in a new letter that “historically high” profit margins are unacceptable at a time when Americans continue to see soaring prices at the gas pump.
The letter is part of Biden’s effort to shift blame for soaring gas prices, which have become a major political problem, though the reality remains that there is not much he can do about it.
https://www.cnn.com/2022/06/15/politics/biden-china-tariffs-economy/index.html
“At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,” the President writes in a letter dated Tuesday that was sent to seven companies. “There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing. But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
“In addition my administration is prepared to use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term, and to ensure that every region of this country is appropriately supplied,” he writes. “I am prepared to use all tools at my disposal, as appropriate, to address barriers to providing Americans affordable, secure energy supply.”
Biden writes that he’s directed Energy Secretary Jennifer Granholm to hold an emergency meeting on the issue as well as engage with the National Petroleum Council. Ahead of the meeting, Biden asks the companies to provide Granholm with “an explanation of any reduction in your refining capacity since 2020 and any concrete ideas that would address the immediate inventory, price, and refining capacity issues in the coming months – including transportation measures to get refined product to market.”
The Real Reason Big Oil Won’t Save the U.S. from High Gas Prices
As gas prices spike for American drivers, fossil fuel boosters have slammed President Joe Biden for policies they say constrain U.S. energy production. “We have the reserves here and this is preventable,” Rep. Garret Graves of Louisiana, the ranking Republican on the House Select Committee on Climate Crisis, told reporters in Washington Tuesday. “No leasing or energy production—that’s not an energy policy.”
But to understand why the industry really isn’t ramping up production, it helps to hear what its leaders are telling each other off camera. In Houston this week, where oil and gas executives are gathered for the industry’s most influential annual conference, CERAWeek by S&P Global, industry insiders are having a very different conversation than the one broadcast on cable TV. The primary thing holding back more production isn’t government policies, they say. It’s money.
The Real Reason Big Oil Won't Save Us From High Gas Prices
The Real Reason Big Oil Won't Save Us From High Gas Pricestime.com
Gas prices are high. Oil CEOs reveal why they're not drilling more
The U.S. oil industry doesn't appear to be in any rush to come to the rescue of Americans struggling with high gas prices. Oil company CEOs say Wall Street is to blame.
Fifty-nine percent of oil executives said investor pressure to maintain capital discipline is the primary reason publicly traded oil producers are restraining growth, according to a Federal Reserve Bank of Dallas survey released Wednesday.
Today, oil companies are under enormous pressure from Wall Street to return cash to shareholders through dividends and buybacks, instead of investing in badly needed supply.
"Discipline continues to dominate the industry," an executive from an oilfield services firm told the Dallas Fed in the survey. "Shareholders and lenders continue to demand a return on capital, and until it becomes unavoidably obvious that high energy prices will sustain, there will be no exploration spending."
Gas prices are high. Oil CEOs reveal why they're not drilling more
If U.S. oil companies and OPEC fail to ramp up output, analysts have warned that energy prices will likely stay painfully high.www.kmbc.com
More oil supply could stop massive price spikes. But US producers won’t fill that gap
More oil supply could stop massive price spikes. But US producers won't fill that gap
Oil prices are soaring to seven-year highs, but don't expect US oil producers to ramp up supply.www.cnn.com
Kinda drills a hole (get it?) in the "Biden's policies caused a spike in oil prices" narrative. Record oil production under Biden also being problematic for said narrative. But heck, it comes as no surprise the sitting prez takes the blame for all the country's ills. Especially with so many willfully choosing to be misinformed.
Here’s your talking point when Trump unleashes Americas energy and prices drop dramatically.
And grocery prices
the fact demofks lost escapes you!
