You didn’t answer. Did trump cut oil production?
The reduction in profits was not the cause of the reduced oil production, it was the result. Oil production was cut because demand dropped off during vivid. This is Econ 101.
Trump’s leadership? Trump was president when demand, production, and prices all fell. That’s it. Covid happened on his watch. Was that his leadership too?
And again, US production doesn’t set WORLD prices of a barrel of oil.
Why are prices higher now? Really?
Capacity?
The White House has pushed oil companies to produce more oil to bring down gas prices, but a top oil CEO says there is isn't much room to grow.
www.cnbc.com
You’ll notice that 2022 production was only slightly lower than the record levels in 2019. Did Joe turn the spigots back on?
Russia supplies are tight. China’s demand is surging. Uncertainty about the economy. Oil companies are paying investors instead of investing in new wells. Global demand will set a new record this year. The shale oil boom is peaking or is already in decline, depending on who you believe.
Point is there are an abundance of factors that affect oil prices. The president is one very minor part.
But hey, you want to give credit to the president? We’ll choke on this.
So far, my prediction that total U.S. oil production will set a new annual record in 2023 is on track to be correct.
www.forbes.com