Joe Biden wanted to reduce oil production in the United States in his desire to fight global warming, but the fuel crisis is a major game-changer now that Americans are worried about filling up their cars…
The decrease in oil production in the United States was part of Joe Biden’s program during the 2020 presidential election. The current President of the United States is indeed committed to the development of renewable energies and regularly preaches for the rise of the electric car.
But while the price of fuel is reaching peaks in the country as in the rest of the world, he must face the concern of his fellow citizens who discover with amazement prices never seen at service stations: more than five dollars per gallon (the unit of measurement in the United States) or about €1.3 per litre. Result, while oil production in the United States is now at an all-time high with more than 11,000 barrels extracted per day, Joe Biden has just asked American oil companies to urgently increase local production to bring down prices. .
However, the latter do not seem able to significantly increase this American oil production. Extraction costs would indeed have become too high in the country to keep up with demand. It is therefore still the largest producing countries in the world, united within OPEC, which hold the key to this international fuel crisis. Remember that they recently agreed to a slight increase in production, with no effect on prices for the time being.