DAILYWIRE
President Joe Biden’s war on the oil and gas industry has cost the United States more than a quarter of a trillion dollars in lost economic activity, according to a new study.
The Committee to Unleash Prosperity released the findings of its study to The Daily Wire after U.S. oil production under Biden has failed to reach the same trend line regarding rate of growth that was achieved under former President Donald Trump.
While the U.S. is currently producing more oil than ever before, it is only slightly higher than the U.S. was producing in 2019, prior to the coronavirus pandemic.
The study was conducted by Stephen Moore, Co-Founder of the Committee to Unleash Prosperity, and Former Chief Economist of the White House Council of Economic Advisers Casey Mulligan, Ph.D., Professor in Economics at the University of Chicago and Senior Fellow at the Committee to Unleash Prosperity.
“The Energy Information Agency had predicted that the U.S. could produce as much as 15 million barrels of oil under current trends,” the study found. “According to EIA, in the second half of 2023, U.S. daily oil production averaged 13.2 million barrels, which is close to the peak reached under Trump.”
The study found that the average price of a barrel of oil has been significantly higher under Biden, $72 per barrel, than it was under Trump, $54 per barrel.
The productivity generated from each new well surged under Trump by 23%, but “fell significantly” once Biden took office in January 2021 through late last year “both in absolute terms and relative to previous trends.”
The decline in the rate of production reflects “rising extraction costs, which is one of the consequences of increased regulation, tax hikes, and investor unwillingness to fund petroleum companies,” the study said.
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