{"id":1679214,"date":"2022-10-08T07:23:37","date_gmt":"2022-10-08T11:23:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1679214"},"modified":"2022-10-08T07:23:50","modified_gmt":"2022-10-08T11:23:50","slug":"study-bidens-anti-drilling-policies-have-cut-oil-supplies-as-much-as-the-opec-decision","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-bidens-anti-drilling-policies-have-cut-oil-supplies-as-much-as-the-opec-decision\/","title":{"rendered":"Study: Biden\u2019s Anti-Drilling Policies Have Cut Oil Supplies as Much as the OPEC+ Decision"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstudy-bidens-anti-drilling-policies-have-cut-oil-supplies-as-much-as-the-opec-decision%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1679214&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden\u2019s anti-drilling policies have cost the United States about the same rate of daily oil production that was recently slashed off world markets by members of the Organization of the Petroleum Exporting Countries (<a href=\"https:\/\/www.theepochtimes.com\/t-opec\">OPEC<\/a>).<\/p>\n<p>\u201cThe United States would be producing between 2 and 3 million more barrels of oil a day and between 20 and 25 more billion cubic feet of natural gas under the Trump policies,\u201d said a recent study (<a href=\"https:\/\/committeetounleashprosperity.com\/wp-content\/uploads\/2022\/10\/221004_CTUP_TheCostOfBidensWarOnOilAndGas.pdf\">pdf<\/a>) by the organization Committee to Unleash Prosperity. \u201cThis translates into an economic loss\u2014or tax on the American economy\u2014of roughly $100 billion a year.\u201d<\/p>\n<p>OPEC, which includes major producers such as Saudi Arabia and Russia, announced it was reducing oil production by 2 million barrels per day, in a move seen as a setback for Biden. The U.S. president had visited Saudi Arabia in July to push the kingdom into increasing production amid historically high U.S. gas prices.<\/p>\n<p>Following the decision, Biden announced the release of 10 million more barrels of oil from the U.S. <a href=\"https:\/\/www.theepochtimes.com\/t-strategic-petroleum-reserve\">Strategic Petroleum Reserve<\/a> (SPR) in a bid to contain the uptick of oil prices. Price for Brent crude oil has gone up by more than 3 percent since the OPEC reduction news on Oct. 5, from $93.34 at 8:30 EDT, to $96.15, as of Oct. 7, 9:52 a.m.<\/p>\n<p>\u201cThe president will continue to direct [Strategic Petroleum Reserve] releases as appropriate to protect American consumers and promote energy security,\u201d according to a statement by National Security Adviser Jake Sullivan and National Economic Council Director Brian Deese.<\/p>\n<h2>Draining Strategic Reserves<\/h2>\n<p>The analysis by the Committee to Unleash Prosperity found that the \u201cUnited States would not have had to sell a single barrel of oil from the Strategic Petroleum Reserve if the Trump drilling policies had remained in place.\u201d<\/p>\n<p>The amount of oil production \u201clost because of Biden\u2019s war on fossil fuels is about four times greater (600 million barrels) than the amount of oil extracted (150 million barrels through July 2022)\u201d from the reserves, according to the analysis.<\/p>\n<p>By the end of this month, Biden will have drained the reserves to a 38-year low. When he took office in the beginning of 2021, the SPR carried a stock of 638 million barrels, which since has to 416 million, a reduction of almost 35 percent, with more to go.<\/p>\n<p>There would have been 657 million barrels of oil contributed to the fuel supply in the country if Trump-era business conditions were maintained, compared to the 145 million barrels outputted from the reserves over a period of 250 days, said the study.<\/p>\n<p>Although Biden claims he\u2019s \u201cdoing all I can\u201d to reduce fuel prices and that the country is \u201capproaching record levels of oil and natural gas production,\u201d the current administration has displayed hostility toward the oil and gas industry, while shifting the price-blame toward major oil companies, said the report.<\/p>\n<p>The current pain at the pump can mostly be attributed to taking \u201chundreds of thousands of acres offline for drilling, to canceling pipelines, to restrictive environmental regulations that make drilling more expensive.\u201d<\/p>\n<p>The report concludes with the recommendation to increase U.S. production that would contribute \u201ca lot\u201d toward reducing energy prices rather than releasing reserves because of the \u201ccomparatively small magnitude of the releases,\u201d and the need to replenish reserves.<\/p>\n<p>\u201cPolicies more friendly to oil and gas production would mean more jobs, more GDP, lower trade deficits, and lower gas prices at the pump.\u201d<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-naveen-athrappully\"><\/a><\/p>\n<p>Follow<\/p>\n<\/div>\n<p>Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.\n<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s anti-drilling policies have cost the United States about the same rate of daily oil production that was recently slashed off world markets by members of the Organization<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1679214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1679214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1679214"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1679214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1679214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1679214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1679214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}