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<blockquote data-quote="vantexan" data-source="post: 5371220" data-attributes="member: 24302"><p>If you hit the 5 year button it shows under Trump production was way higher.&nbsp; We aren&#039;t at 2019 levels and under Trump we were even higher in 2020.&nbsp; Two takeaways.&nbsp; Energy independence means producing enough here plus the oil we import from Canada and Mexico.&nbsp; If our production drops here we have to make it up by bringing in oil from other countries which drives our prices up.&nbsp; When prices go that high our oil companies produce as much as they can with the resources they have to take advantage of those prices but they are still hindered by not being able to drill on Federal land or offshore.&nbsp; We use about 19-20 million barrels a day.&nbsp; Covid shutdowns meant a lot less gas usage by the public and production had to drop as we only have so much storage capacity in Cushing, OK.&nbsp; That also resulted in selling excess overseas which naysayers jumped on as proof that we have plenty.&nbsp; Notice under Trump production steadily climbed higher as his policies allowed the industry to produce more in more places.&nbsp; Biden took the ANWR offline and that alone was about 800,000 barrels a day.&nbsp; From what I&#039;ve read the new Inflation Reduction Act is going to hit our oil industry hard.&nbsp; It also will increase taxes on most income earners when Biden said he won&#039;t raise taxes on anyone making less than $400k.&nbsp; And they&#039;re going to print those billions the Act requires which ironically won&#039;t reduce inflation.&nbsp; Thank goodness the Republicans are taking over next year because these people wanted trillions more than they could get passed this time.</p></blockquote><p></p>

[QUOTE="vantexan, post: 5371220, member: 24302"] If you hit the 5 year button it shows under Trump production was way higher. We aren't at 2019 levels and under Trump we were even higher in 2020. Two takeaways. Energy independence means producing enough here plus the oil we import from Canada and Mexico. If our production drops here we have to make it up by bringing in oil from other countries which drives our prices up. When prices go that high our oil companies produce as much as they can with the resources they have to take advantage of those prices but they are still hindered by not being able to drill on Federal land or offshore. We use about 19-20 million barrels a day. Covid shutdowns meant a lot less gas usage by the public and production had to drop as we only have so much storage capacity in Cushing, OK. That also resulted in selling excess overseas which naysayers jumped on as proof that we have plenty. Notice under Trump production steadily climbed higher as his policies allowed the industry to produce more in more places. Biden took the ANWR offline and that alone was about 800,000 barrels a day. From what I've read the new Inflation Reduction Act is going to hit our oil industry hard. It also will increase taxes on most income earners when Biden said he won't raise taxes on anyone making less than $400k. And they're going to print those billions the Act requires which ironically won't reduce inflation. Thank goodness the Republicans are taking over next year because these people wanted trillions more than they could get passed this time. [/QUOTE]

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