Why Biden’s End Oil Policy Doesn’t Imply Scarcity or Higher Gas Prices

Introduction

The recent inquiry about why Biden ending oil does not imply a scarcity or higher gas prices is a common misconception. This article aims to clarify these points by examining the current state of US oil production, strategic reserves, and the reality of transitioning away from oil.

Current US Oil Production

With the United States being the world's largest producer of petroleum and natural gas, the notion that Biden has ended oil production is entirely misplaced. In 2022, the U.S. saw the second-highest ever annual crude oil production, while 2023 broke the record for the most crude oil ever produced in the country. As of now, the U.S. is producing at a level that has never been achieved before, with current crude oil production standing at 13.3 million barrels per day.

Incorrect Assumptions about Biden's Policies

The assertion that Biden ended oil production is nothing short of a misconception. In fact, under Biden's administration, the United States has seen an unprecedented level of oil production. New leases and records for US petroleum and fossil fuel production have been set in 2022, breaking all previous records. This stands in stark contrast to the claim that Biden has depleted strategic reserves and abandoned oil production.

The Reality of Strategic Reserves

Strategic reserves are not intended for everyday consumption but for emergency situations. Allegations that Biden has depleted these reserves are inaccurate. The oil contained in these reserves, once extracted and relocated, is indeed highly valuable, but it must be replenished at a cost that is three times as high. This process is not a sign of lack of reserves but a reflection of the complex and evolving nature of energy storage and management.

Impact on Energy Independence

While discussions about ending oil production may be part of a broader narrative around energy independence, the reality is more nuanced. Oil has an incredible presence in modern life. From plastic and asphalt to building materials and pharmaceuticals, the list of applications for oil is extensive. Replacing oil with other energy sources is not an immediate solution. The transition is a long-term effort that requires significant investment in nuclear energy and other renewable technologies. At the current pace, it is at least a century away from achieving full energy independence without oil.

Conclusion

In summary, the end of oil is a verb in the realm of environmental policy, rather than a near-term reality. The United States is currently producing oil at record levels, and the strategic reserves are not a looming shortage. Instead, they represent a strategic buffer for emergencies. The reality of ending oil production is a distant goal that requires substantial technological and economic changes. Understanding these facts can help dispel common misconceptions and foster a more informed conversation about energy policy.