Domestic crude oil production sharply decreased over three consecutive months while demand and gasoline prices have remained high, according to data from the federal Energy Information Administration. U.S. oil production decreased to about 11.3M barrels/day in February, down 3.9 percent from the 11.8M produced in November, EIA indicated April 29. But, from Nov. 1-Feb. 28, pump prices went up 6.4 percent from $3.39 a gallon to $3.61. “I was a little bit shocked,” Dan Kish, a senior fellow at the Institute for Energy Research, told the Daily Caller News Foundation. “It’s a reflection of the fact that the investment climate is awful,” he added. In the same period of 2201, production declined 1.8 percent and between November 2019-February 2020 it dropped only 1.1 percent, according to data. Between November 2020-February 2021, the period when President Joe Biden replaced former President Trump, production dropped a whopping 12.1 percent. Meanwhile, administration officials have suggested that producers are drilling at a “historic” rate and don’t need further leases. In addition, the administration did not appeal a ruling canceling a November O&G lease sale in the Gulf of Mexico. It’s been slow formulating a 5-year offshore leasing plan to replace the current one that expires in June. Much of the oil production declines (Nov.-Feb.) were due to lower offshore output levels, according to the EIA. Crude oil production in the Gulf of Mexico dropped 9.8 percent in that period. (Source: Daily Caller 04/29/22) Biden Admin Says Oil Production Is At Historic Levels. But There’s One Problem (msn.com)
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