In 2023, the United States led the world in oil production for the sixth consecutive year despite promises from the Biden administration for a transition towards greener energy sources.
Six Years Running
The U.S. Energy Information Administration (EIA) has recently confirmed that the United States was the world’s leading oil producer for the sixth consecutive year in 2023.
Breaking the Daily Average Record
However, this past year, the United States wasn’t just the leading oil producer but also broke the record for daily average oil barrels produced, with nearly 13 million barrels produced each day of 2023.
A Four-Year Comeback
The previous record for the most amount of oil barrels produced per day was also set by the United States in 2019 when it averaged 12.3 million barrels each day.
Greener Energy
It is worth noting that this record was set under the Biden administration, which had publicly announced its intentions to transition the U.S. towards greener energy sources.
Biden’s Promise
Throughout Biden’s campaigns, his administration has highlighted its environmental agenda and previously made promises to cease new oil and gas drilling on federal lands
Increasing Production
Despite these promises, the administration under President Biden has actually approved more drilling permits on public lands than the previous administration under President Donald Trump.
Accelerating Production
This means that the Biden administration hasn’t actually moved the U.S. towards greener energy but has conversely accelerated America’s fossil fuel production.
Controversial Approvals
Some of Biden’s more controversial environmental approvals were the oil pipeline in West Virginia and Willow oil project in Alaska.
Serious Opposition
Despite serious opposition from environmental groups, the oil pipeline in West Virginia and the Willow oil project in Alaska were passed, leading many activists to be confused as to what Biden’s greener agenda actually entails.
Lower Costs
However, as oil production increases, gas prices have lowered domestically despite the reduction of oil supply in the last two years.
OPEC and a Limited Oil Supply
The global oil supply has decreased due to the Organization of the Petroleum Exporting Countries, or OPEC, coordinating to ensure the global oil supply is sourced fairly and sustainably.
Russia’s Oil
Because of Russia’s military actions in Ukraine, Russia’s vast supply of oil has been cut off from much of the world, leading to a shorter supply on hand.
A Complex Problem
In conjunction, Russia’s war in Ukraine and OPEC’s monitoring of oil supply sources has created a complex problem for the United States as it attempts to navigate necessary resources and larger geopolitics.
Promoting Greener Energy
Despite the Biden administration’s increase in oil production, it has made some strides in promoting green energy with the Inflation Reduction Act of 2022.
The IRA
The Inflation Reduction Act incentivizes the development of renewable energy and creates penalties for dangerous levels of methane emissions.
Greener Developments
Thanks to the Inflation Reduction Act, there has been an increased investment in solar panels, wind turbines, electric vehicles, and batteries.
More Jobs, Fewer Greenhouse Emissions
The Inflation Reduction Act is projected to significantly reduce greenhouse gas emissions by 2035 and has already created over 102,000 jobs in the sustainable energy field.
Confronting the Climate Crisis
Alexandra Adams, IRA senior adviser to the Natural Resources Defense Council Action Fund, said Biden is “confronting the climate crisis with powerful incentives to drive clean energy investment, cut costs, create jobs, and strengthen the supply chain for the building blocks of a modern economy.”
What Consumers Deserve
Adams then furthered her point, saying, “Consumers deserve to be able to choose clean, renewable power instead of the fossil fuels that are driving the climate crisis. That’s what Biden’s energy strategy is all about.”
40% of the Oil
Despite the effectiveness of the IRA’s green initiatives, the U.S., Russia, and Saudi Arabia produced 40% of the world’s oil in 2023.
Stuck In a Difficult Position
The U.S. government is now in a difficult position as it simultaneously advances drilling technology and the exploitation of resources in impoverished regions while trying to meet constituents’ demands for a reduced environmental impact.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
