2/23/2024 0 Comments 2019 oil production by country![]() “You really saw a large increase in our measure of productivity, barrels of oil equivalent per foot drilled, increase even more during the pandemic,” said Jason Brown, vice president and economist at the Federal Reserve Bank of Kansas City, about why production is so high. Even so, policies - including those from the current administration - play a role in driving production, although the results of those rules and regulations can often lag by months or years, they said. ![]() Many analysts and industry officials said that the record production stems mostly from market forces and innovation in extracting more crude, which was driven by the Covid-19-induced oil bust, not Biden’s actions. The data underscores questions on energy policy likely to be a focus of the 2024 presidential race: What is driving oil and gas production to record levels under Biden, and how much are the gains the result of decisions and policies made by his administration? Why is the surge failing to keep gasoline prices in check, and is the Biden administration doing enough to help consumers? A data analysis by E&E News also shows that the Bureau of Land Management has approved more oil and gas leases on federal lands during Biden’s first two years and seven months as president than former President Trump did during the same amount of time at the beginning of his administration. As Republican presidential hopefuls slam President Joe Biden’s energy policy on the campaign trail, his administration seems to have an obvious political weapon: surging oil production.ĭomestic production is projected to reach an all-time record high of 12.9 million barrels a day by the end of this year, according to the U.S.
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