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Posted On: 11/27/2023 12:59:16 PM
Post# of 123611
Another of the RW's favorite talking points kneecapped by reality, facts, and evidence.
U.S. Production of Crude Oil Hits Record High
Story by Troy Matthews
https://www.msn.com/en-us/money/markets/us-pr...r-AA1kyAW1
According to the U.S. Energy Information Administration (EIA), The United States produced 13.2 million barrels of crude oil per day in October and November 2023, breaking an all-time record of 13.1 million per day set in February and March of 2020, just before the Covid pandemic hit.
Yes, Joe Biden just broke Donald Trump's record of daily domestic crude oil production, which is now higher than it was pre-Covid. When Biden took office it was 11 million barrels a day.
Domestic oil production by year
© Provided by MeidasTouch Network
The average price of gasoline hit $3.29 per gallon in the U.S. during Thanksgiving week, 10% less than the same time last year, 13% lower than last year when adjusted for inflation, and is continuing to fall. Increased supply of crude and falling demand for gas worldwide is contributing to lower gas prices. According to the EIA:
The Brent crude oil price declined 15% from its most recent peak of $96.55 per barrel (b) on September 27 to $82.32/b on November 20, reaching its lowest level since July. Crude oil prices are the primary driver of U.S. gasoline prices, making up 55% of the total cost to produce a gallon of gasoline.
A major talking point for Republicans heading into the 2024 election is that President Biden killed domestic oil production, which resulted in higher gas prices on consumers.
According to the EIA, not only is this not true, it's completely the opposite. Domestic oil production is higher under Biden than Trump, and setting record levels. Gas prices, while still higher than when they cratered during the Covid-19 pandemic, are falling under Biden.
The Republican talking point that Biden stopped drilling for oil in the United States and made us dependent on other nations for gas is a bald-faced lie.
U.S. Production of Crude Oil Hits Record High
Story by Troy Matthews
https://www.msn.com/en-us/money/markets/us-pr...r-AA1kyAW1
According to the U.S. Energy Information Administration (EIA), The United States produced 13.2 million barrels of crude oil per day in October and November 2023, breaking an all-time record of 13.1 million per day set in February and March of 2020, just before the Covid pandemic hit.
Yes, Joe Biden just broke Donald Trump's record of daily domestic crude oil production, which is now higher than it was pre-Covid. When Biden took office it was 11 million barrels a day.
Domestic oil production by year
© Provided by MeidasTouch Network
The average price of gasoline hit $3.29 per gallon in the U.S. during Thanksgiving week, 10% less than the same time last year, 13% lower than last year when adjusted for inflation, and is continuing to fall. Increased supply of crude and falling demand for gas worldwide is contributing to lower gas prices. According to the EIA:
The Brent crude oil price declined 15% from its most recent peak of $96.55 per barrel (b) on September 27 to $82.32/b on November 20, reaching its lowest level since July. Crude oil prices are the primary driver of U.S. gasoline prices, making up 55% of the total cost to produce a gallon of gasoline.
A major talking point for Republicans heading into the 2024 election is that President Biden killed domestic oil production, which resulted in higher gas prices on consumers.
According to the EIA, not only is this not true, it's completely the opposite. Domestic oil production is higher under Biden than Trump, and setting record levels. Gas prices, while still higher than when they cratered during the Covid-19 pandemic, are falling under Biden.
The Republican talking point that Biden stopped drilling for oil in the United States and made us dependent on other nations for gas is a bald-faced lie.
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