You don't know how to read a graph and instead choose to cherry-pick.
Wells are increasing... but they are still at a historically low level
Pandemic recovery in action.
OPEC increased production to snuff out U.S. shake producers.
This is either your ignorance showing, or blatant dishonesty. Ill assume the latter.
As I've already stated... the oil industry is in recovery mode.
So you don't think stopping oil leases on federal land and closing the pipeline made any difference?
In addition, here are some quotes. It is time to stop licking Biden's balls and admit the truth.
According to Western Energy Alliance President Kathleen Sgamma, oil and gas producers are
unable to access capital, because the
Biden administration is “putting so much pressure on banks not to lend to us in the name of climate change.”
Just last week, CEO Rick Muncrief of Devon Energy — a large driller worth around $40 billion —
told Bloomberg that he’d be happy to talk to US officials about upping production. But there’s been no call. “I’m a little mystified that there hasn’t been some dialog,” he said. “It’s not been that long ago that we were asked to drill less, not more,” he said. “They need to be talking about what is it they would really like U.S. producers to do.”
That’s the kind of inaction that’s keeping prices high — up more than 40% since Russia invaded Ukraine and the war has worsened — and up nearly 90% over the past year when looking at the global Brent crude benchmark, which has risen as high as $123 a barrel in recent days when compared to its level of around $63 a year ago.
Biden critics say his actions and proposals since taking office – such as canceling the Keystone pipeline, suspension of new federal oil and gas leases, higher drilling fees on federal land and a Democratic-led push for the Federal Reserve to implement climate change policies – have sent a clear signal to US producers.
Tom Kloza, the global head of energy analysis for OPIS, noted the Biden administration has developed an “adversarial relationship” with US producers who now face calls to increase their output.
“You’ve got diplomacy on Ukraine. You’ve got diplomacy with Iran. Now you’ve got diplomacy with Venezuela,” Kloza said. “You know, it might be advisable to have some diplomacy with oil and gas companies.”
