AT the peak under President Trump, the US was producing 13.10 Million barrels a day. The pandemic dropped production. In January 2021, production was at 11 Million barrels a day. It has slowly climbed up under Biden and now sits at 13.10 million barrels a day, the exact same it was at under the peak for President Trump.
Yet we still buy millions of barrels from Saudi. We aren't producing enough and this will cause the price to skyrocket. If we don't need that oil, why are we buying it? We need to either increase production or get more from another source. Those are the facts.
It's because of refining capacity. The US is really good at oil refining. We can refine more oil than any other country. We can refine more oil than we are producing ourselves. We import oil, refine it into things like gasoline, kerosene, jet fuel, lubricants, etc, and then export those products all over the world.
Earlier, I mentioned that the US produces ~13 million barrels of oil a day, but we have the capacity to refine up to 18 million barrels a day. We import that oil, or we leave our refiners sitting idle. You might think we could just increase production, but even under President Trump, we hit the peak around 13 million barrels of production. It's hard to justify drilling more in the US when the Saudi's are selling it for cheaply.
AT the peak under President Trump, the US was producing 13.10 Million barrels a day. The pandemic dropped production. In January 2021, production was at 11 Million barrels a day. It has slowly climbed up under Biden and now sits at 13.10 million barrels a day, the exact same it was at under the peak for President Trump.
You can see the details here below: https://ycharts.com/indicators/us_crude_oil_field_production
If you have a better source, I'm open to checking it out.
Yet we still buy millions of barrels from Saudi. We aren't producing enough and this will cause the price to skyrocket. If we don't need that oil, why are we buying it? We need to either increase production or get more from another source. Those are the facts.
It's because of refining capacity. The US is really good at oil refining. We can refine more oil than any other country. We can refine more oil than we are producing ourselves. We import oil, refine it into things like gasoline, kerosene, jet fuel, lubricants, etc, and then export those products all over the world.
Earlier, I mentioned that the US produces ~13 million barrels of oil a day, but we have the capacity to refine up to 18 million barrels a day. We import that oil, or we leave our refiners sitting idle. You might think we could just increase production, but even under President Trump, we hit the peak around 13 million barrels of production. It's hard to justify drilling more in the US when the Saudi's are selling it for cheaply.
https://www.statista.com/statistics/273579/countries-with-the-largest-oil-refinery-capacity/