{"id":2260865,"date":"2024-06-05T20:34:02","date_gmt":"2024-06-06T00:34:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-war-on-oil-and-gas-has-cost-the-u-s-250-billion-in-lost-gdp-study\/"},"modified":"2024-06-05T20:38:40","modified_gmt":"2024-06-06T00:38:40","slug":"bidens-war-on-oil-and-gas-has-cost-the-u-s-250-billion-in-lost-gdp-study","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-war-on-oil-and-gas-has-cost-the-u-s-250-billion-in-lost-gdp-study\/","title":{"rendered":"Study: Biden&#8217;s Policies Against Oil and Gas Result in $250 Billion GDP Loss in the U.S"},"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\">32<\/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%2Fbidens-war-on-oil-and-gas-has-cost-the-u-s-250-billion-in-lost-gdp-study%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=2260865&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>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-trump-could-try-to-delay-march-4-trial-date-interfering-with-campaign-trail\/\" title=\"Trump may attempt to postpone March 4 trial to avoid campaign disruption.\">recent study reveals<\/a> that President Joe Biden\u2019s policies towards the \u2062oil and \u200bgas industry have resulted in a loss of over $250 billion \u200din economic activity in the United\u2062 States. Despite current oil production levels surpassing \u2064those of \u200c2019, the growth rate has not\u200b matched that achieved under former \u200bPresident Donald Trump. The study, conducted by \u200cindustry \u2062experts, highlights a decline in production efficiency and an increase in extraction costs under Biden\u2019s administration.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>President <a href=\"https:\/\/www.dailywire.com\/topic\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden\u2019s<\/a> war on the oil and gas industry has cost the United States more than a quarter of a trillion dollars in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amazon-gets-approval-to-build-massive-helix-shaped-hq2-outside-dc\/\" title=\"Amazon Gets Approval To Build Massive Helix-Shaped \u2018HQ2\u2019 Outside DC\">lost economic activity<\/a>, according to a new study.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>\u201cThe Energy Information Agency had predicted that the U.S. could produce as much as 15 million barrels of oil under current trends,\u201d the study found. \u201cAccording 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.\u201d<\/p>\n<p>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.<\/p>\n<p>The productivity generated from each new well surged under Trump by 23%, but \u201cfell significantly\u201d once Biden took office in January 2021 through late last year \u201cboth in absolute terms and relative to previous trends.\u201d<\/p>\n<p>The decline in the rate of production reflects \u201crising extraction costs, which is one of the consequences of increased regulation, tax hikes, and investor unwillingness to fund petroleum companies,\u201d the study said.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1716990157394000&#038;usg=AOvVaw33qQydjIo8bet419amChif\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>\u201cAlthough the EIA lowered its forecasts in early 2021 due to new challenges oil companies faced in securing capital, the agency still anticipated productivity growth to return,\u201d the study said. \u201cAccording to their modest forecast, U.S. production should have already reached 14 MMb\/d [million barrels per day] by 2022. But, in fact, production had yet to reach 13.0 MMb\/d even by mid 2023. The surprisingly low production results are part of the reason why EIA cut its production forecasts in 2022 and, especially, 2023.\u201d<\/p>\n<p>Had the rate of production under Biden remained the same as under Trump, the U.S. would have produced at least an additional 2.4 billion barrels. The lost oil and gas production and increased extraction costs have reduced \u201ccumulative GDP by about $250 billion.\u201d<\/p>\n<p>\u201cAnti-energy policies in the United States enrich the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/after-killing-us-oil-projects-biden-begs-russia-saudi-arabia-for-help-fighting-rising-gas-prices\/\" title=\"After Killing US Oil Projects, Biden Begs Russia, Saudi Arabia For Help Fighting Rising Gas Prices\">major oil producers<\/a> in Asia and the Middle East, some of whom use their wealth to fund terrorism,\u201d the study said. \u201cIndeed, they are enriched twice by our policies. One benefit they get is that subtractions from U.S. production are subtractions from world production that contribute to higher world oil prices. The second benefit is that undermining shale activity in the U.S. gives OPEC more pricing power, because we are no longer as able to respond to OPEC production cuts with production increases of our own. Indirectly, Biden\u2019s policies regarding U.S. production are reducing OPEC production too.\u201d<\/p>\n<p>Moore said that the report made it clear that Biden\u2019s policies were wounding U.S. national security, the economy, and global stability.<\/p>\n<p>\u201cThis report makes it clear that the left\u2019s radical agenda, led by Biden\u2019s policies, are self-inflicted wounds that are directly contributing to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-xi-jinpings-invasion-of-taiwan-is-inevitable-but-not-imminent\/\" title=\"Why Xi Jinping\u2019s Invasion Of Taiwan Is Inevitable But Not Imminent\">current economic challenges<\/a> and rising energy costs hurting millions of working Americans across the country,\u201d he said.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent study reveals that President Joe Biden&#8217;s actions against the oil and gas sector led to over $250 billion in lost economic activity in the U.S. The Committee to Unleash Prosperity shared these findings with The Daily Wire, highlighting the decline in U.S. oil production during Biden&#8217;s tenure<\/p>\n","protected":false},"author":102,"featured_media":2260866,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/Biden-1-1-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2260865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/06\/Biden-1-1-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2260865","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\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2260865"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2260865\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2260866"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2260865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2260865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2260865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}