The Republican Party Doesn’t Acknowledge the Oil Boom Under Joe Biden – A year ago, Republican lawmakers cast blame on the Biden administration for the record-high gasoline prices, and while the price at the pump isn’t exactly low by any means, the White House has received little to no credit for the nation’s recent oil boom.
That’s not saying it should, of course.
Republicans Can’t Play the Energy Blame Game
A common theme among the Republican Party is that President Joe Biden is an enemy of the fossil fuel industry.
It may not play out as some might expect.
As Politico.com reported on Monday, the current GOP narrative over Biden’s energy policy has a major hole, namely that U.S. oil production is already the highest in the world, and is on track to set a new record this year. Production is further set to increase in 2024. Moreover, the flow of U.S. crude has also failed to keep a lid on gasoline prices.
It has cast the spotlight on the fact “that a global market drives the fuel prices that shape presidents’ political futures.”
Quincy Krosby, chief global strategist for financial advisory firm LPL Financial told Politico.com, “The U.S. consumer blames whoever is in the White House.” Yet, the harsh reality is that gasoline prices aren’t something that the president can really control for the most part.
Drill Baby Drill?
Even as President Joe Biden has touted “clean” green energy, in March, the administration approved a major and controversial oil drilling plan in Alaska, known as Willow. It was announced just one day after the White House also unveiled protections for more than 16 million acres of land and water in the region.
The $8 billion plan, led by Alaska’s largest crude oil producer, would produce about 600 million barrels of oil over 30 years, according to a report from CNBC.
It would also generate around 278 million metric tons of carbon emissions, according to estimates from the U.S. Department of the Interior – a fact that has irked some environmentalists, who have condemned the plan as it undermines the White House’s pledge to combat climate change and reduce greenhouse gas emissions.
U.S. Output on the Rise
U.S. oil output is projected to rise to an average of 12.8 million barrels per day this year, the first time ever. By contrast, Saudi Arabia – the next highest nation – only produces about 10 million barrels per day. The number is expected to climb to 13.1 million in 2024, according to the federal Energy Information Administration.
As a result, foreign suppliers may also increase production, and that could even result in supply outpacing demand and prices could fall sharply. That would be good news for Americans hitting the road next summer, but it could be bad news for whichever Republican candidate wins the primaries and is lined up to face Biden in the 2024 presidential race.
Joe Biden Did That!
Americans are unlikely to remember the pain at the pump from 2022 and those old “I Did That” stickers of the president could instead be pointing at significantly lower fuel prices.
Of course, anything could happen – extreme weather, conflict in the Middle East, cyberattacks, and more remain unpredictable wild cards. It is a long way until Election Day 2024, but there is no denying that the GOP candidates can’t say that under Biden the U.S. isn’t producing enough crude!
Author Experience and Expertise
A Senior Editor for 19FortyFive, Peter Suciu is a Michigan-based writer. He has contributed to more than four dozen magazines, newspapers, and websites with over 3,200 published pieces over a twenty-year career in journalism. He regularly writes about military hardware, firearms history, cybersecurity, politics, and international affairs. Peter is also a Contributing Writer for Forbes and Clearance Jobs. You can follow him on Twitter: @PeterSuciu.
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