Posted 12/20/2023, 12:30:00 PM
Biden Ramps Up U.S. Oil Output to Record Highs, Seeking to Ease Prices and Buy Time for Clean Energy Transition
- U.S. oil production reached record levels in 2023, pumping out more oil than any country ever has before
- Biden originally planned to restrict oil production, but Russia's invasion of Ukraine led to spiking gas prices and political pressure
- Boosting U.S. production was seen as necessary to ease prices and maintain political support needed for Biden's climate agenda
- Pumping more U.S. oil is a temporary tactic to buy time for clean energy to become cheap enough that demand for oil falls
- Biden believes keeping energy prices stable with high oil output may paradoxically be needed to pass policies to reduce future emissions