What War on Energy? U.S. Oil Production Is Hitting Record Highs
WASHINGTON, D.C. – Right now, oil production in the United States is at a record high, and U.S. oil output is set to hit annual production records in 2024. Nevertheless, Big Oil and its Congressional Republican allies continue to spread lies about President Biden’s record. Here are the facts:
- Instead of increasing their current production or developing on the thousands of unused leases they already have from the government, oil and gas CEOs are using their record profits for stock buybacks for wealthy shareholders and executive bonuses.
- Saudi Arabia and Russia extended their oil production cuts through December, sending prices up in the United States and adding to the spike created by Putin’s war in Ukraine.
- Oil prices are inherently volatile and tied to the global market, supply, and the whims of foreign leaders. The price we pay for oil in America is determined by the world market—it’s a global commodity.
“We have seen this play from Big Oil and their Republican allies over and over – attempting to blame high prices on Democrats, using any excuse to try and shift blame from their profiteering,” said Climate Power senior advisor of oil and gas Alex Witt. “With U.S. oil production hitting record highs, there is no war on energy, but there is a war on American consumers. It’s time to move beyond our dangerous and costly dependence on oil toward a clean energy future, where our supply chain is made in America, used by American families, and can’t be manipulated by the global market.”