The United States (U.S.) energy industry has seen a resurgence under the Biden administration, with oil production recently hitting a record high. According to U.S. government figures, oil production in March 2021 reached 12.9 million barrels per day, which is the highest level on record. This follows a series of policy changes made by the Biden administration aimed at increasing domestic energy production.
The record-setting oil production comes at a time when the energy industry is facing an uncertain future. With accelerating trends towards clean energy, the long-term prospects of fossil fuels are often questioned. Despite this, the Biden administration is pushing forward with plans to restart production of new oil and gas leases. This has been met with both praise and criticism from environmental groups and industry experts.
Despite the record oil production numbers, President Biden has been relatively silent on the topic. In fact, aside from a few general statements, Biden has rarely commented on the issue. This stands in stark contrast to the Trump administration, which was known to trumpet its successes in the energy sector. It seems the Biden administration is content to let the numbers speak for itself – something that does not come as a surprise to observers of the outgoing President’s lack of public speeches.
The record oil production comes with a number of economic benefits, including lower fuel costs and fewer job losses. However, it is also important to remember the environmental implications of the industry. Oil and gas have been linked to climate change, and continued investment in the sector will necessitate a shift towards clean energy sources in order to meet the goals of the Paris Climate Agreement.
All told, the Biden administration’s high oil production figures represent an interesting point in the history of U.S. energy policy. It shows that the federal government is still willing to invest in the sector, even as global trends shift towards clean energy. Whether these trends will continue remains to be seen. At this point, it seems likely that Biden’s decision to let the industry “speak for itself” is a wise one that will allow the markets to determine the future of U.S. energy.