The Biden Administration’s efforts to restrict permitting for oil and natural gas have resulted in a sharp decrease in the potential production of these resources during a time of high gas prices.
A recent Wall Street Journal report discussed a decline in the oil and natural gas produced by American shale producers.
While the newspaper accurately described a sharp decrease in production among the most productive wells, it did not discuss the effects of Biden administration restrictions on production. American oil production peaked prior to the pandemic at about 13 million barrels per day, which has not been surpassed since.
Since President Joe Biden entered the White House in 2021, there have been a number of restrictions regarding oil and natural gas production on federal lands. The Biden administration alleged that it had approved more than 9,000 such permits, but the true number was more than 2,000 fewer.
The perceived anti-oil policies of the Biden White House have led to a flight of capital away from investment in the production of traditional fuels. The result is a sharp decrease in projected oil production and potential empowerment of non-American oil producers, including those in Russia and the Middle East.
The latest news comes at a time of particular pressure for American consumers. Supplies of available foreign fossil fuels have been restricted due to the war between Russia and Ukraine. President Joe Biden announced a cut-off of oil imports from Russia following the start of the war.
Russia is a major exporter of oil and is the third-largest producer in the world.
The United States has seen a large increase in oil production over the last generation, largely due to the use of hydraulic fracturing, otherwise known as fracking. Fracking uses liquids to prepare shale oil and natural gas for production.
While the shale oil boom has dramatically increased oil and natural gas production, the Biden White House has been increasingly hostile to the practice.
A significant oil and natural gas business leader stated that the United States will not reach a new peak in the production of those resources ever again.
There has been some action in Congress to allow for more oil and natural gas permitting. Sen. Ted Cruz (R-TX) introduced three separate bills requesting an expansion of American energy sources. This included the proposed Federal Permitting Modernization Act, which would speed up permitting for oil and natural gas leases on federal lands.
Sen. Ted Cruz introduced three pieces of legislation that would accelerate oil and gas permitting, which would make energy secure in the US
— Daily Caller (@DailyCaller) January 31, 2023