Report: Trump Oil Policies Would Produce 2-3M More Barrels, Outpacing OPEC Cut (Newsmax)
By Luca Cacciatore | Friday, 07 October 2022 10:42 PM EDT
A new study indicates that President Joe Biden's energy policies have cost the U.S. nearly $100 billion in annual output, leaving millions more barrels that could have been produced.
The Committee to Unleash Prosperity — a group founded by economists Steve Forbes, Art Laffer, and Stephen Moore — discovered a trend while reviewing oil and gas production under the previous two administrations.
Between 2 and 3 million more barrels of oil would be produced each day if former President Donald Trump had a second term, with another 20 to 25 billion cubic feet of natural gas produced as well, according to the report.
In addition, continuing Trump's policies would make domestic oil production far outpace the current OPEC cut, with researchers claiming that not a single barrel of oil would need to be sold from the U.S. strategic reserves.
"After many humiliating months of President Biden begging Saudi Arabia and other OPEC countries to please increase their oil production, OPEC countries have decided to do just the opposite: they are cutting back on supply by two million barrels a day to drive UP the price of oil," Moore stated.
"These high prices at the pump are in no small part attributable to Biden's hostility to American oil and gas production," he concluded, adding that the radical environmentalist movement has led to substantial divestment in oil and gas development.
The analysis comes amid Biden's indication on Wednesday he would continue to release oil from the nation's reserves after OPEC revealed it would slash production by nearly 2 million barrels per day, Reuters reported.