Where would the U.S. stand today in the world’s oil and gas production if President Biden on his first day in office had not taken the restricting actions he did against the industry?
How would the recently-announced production cuts by OPEC+ affect us?
A recent study by the Committee to Unleash Prosperity and authors Casey Mulligan and Steve Moore contends the U.S. would have seen roughly two billion barrels more in production.
The report stated that had the country stuck with the Trump pro-American energy efforts, its oil production would be on average more than two million barrels higher per day.
CTUP reported the impact under the headline: Biden Has Played Right Into OPEC’s Hands.T
OPEC’s recently announced cutbacks in production of 1.6 million barrels a day, would have had little impact on world oil prices because U.S. drillers would have made up the difference. Instead, oil is now headed to $4 a gallon in many states – at least $1 a gallon higher than would be the case under Trump. Call it Biden’s climate change tax.