...the Biden Administration has dramatically ramped up subsidies and other favours and incentives for so-called “green” energy. The badly misnamed “Inflation Reduction Act” of August 2022 alone contained over $400 billion of subsidies and handouts to the green energy industry.
So with the double whammy of endless restrictions and harassment of fossil fuel producers, and subsidies for the wind and sun, undoubtedly oil and gas production must be shrinking rapidly? Not at all. In fact, domestic production of both has just recently hit all-time records. Here is a chart of U.S. crude oil production from the EIA, with data through January 2024:
Production reached an all-time record of 13.29 million bbl/day in December 2023, before having a small down-tick in January. The current production level is well over double where it was when Barack Obama took office in 2009. You really have to hand it to these oil and gas producers for somehow getting around whatever the government throws at them.
And here’s another chart from the same source showing natural gas production through December 2023:
From EIA: “U.S. natural gas production grew by 4% in 2023, or 5.0 billion cubic feet per day (Bcf/d), to average 125.0 Bcf/d, according to our Natural Gas Monthly.” There had also been increases in 2023 and 2022.
