With US O&G Production At All-Time Record Highs, GQP Channelling Sarah Palin Pledge As "Policy" Patently Ridiculous
For months, Republican presidential candidates have attacked President Joe Biden’s record on oil and gas, pledging they would enact policies boosting production if elected.
Former President Donald Trump, who is leading in New Hampshire polls heading into today’s primary, said he wants to “drill, drill, drill.” Former United Nations Ambassador Nikki Haley said at a New Hampshire town hall this month that her administration would “get EPA out of the way” to help make America “energy dominant.” They also allege Biden has hamstrung domestic production, even though both U.S. crude and natural gas production reached all-time records last year.
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Environmental regulations passed under Biden, like EPA’s new methane fee tied to emissions, could influence “some things on the margins” to change producers’ decisions, but likely won’t have a huge impact, said Ryan Kellogg, a professor at the University of Chicago’s Harris School of Public Policy. “It’s very little,” he said of the president’s effect on oil and gas production in the near term. “It’s not zero, but it’s pretty close.” He and other analysts say two main factors drive U.S. oil and gas production more than White House direction — global oil price changes and innovation in the oil patch.
The first factor, global oil prices, are a function of global demand and supply, Kellogg said. If prices for oil and gas are high globally, American oil and gas producers are more eager to boost production to reap the financial awards. And global demand is expected to keep rising this year. The International Energy Agency increased its projections for 2024 in its most recent monthly report, estimating the world will use 1.24 million more barrels of oil a day than in 2023. At the same time, U.S. production is also expected to increase by about 300,000 barrels a day in 2024, according to the IEA.
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https://www.eenews.net/articles/trump-and-haley-say-they-would-drill-more-oil-is-that-possible/