New Nation Report :
In an interview with FOX News of US, Trump sharply criticized Biden for cutting investments and blocking permits for shale oil and gas production. Sharing his views on Biden’s state of the union address Trump claimed Biden sacrificed energy security of US and the world using environmental concerns as a pretext.
President Joe Biden issued an executive order on Jan. 27, 2021 prohibiting new oil and gas leases on federal lands and seas. The moratorium had limited immediate impact.However, before being challenged subsequently by 14 States, was expected to have a long-term effects on US output.
The ban placed a stop to new oil and gas leasing “to the degree possible” while simultaneously launching a new examination of current fossil fuel leasing and permitting systems.
At the signing ceremony, Biden said, “We’re going to examine and reset the oil and gas leasing program,” noting the need to protect public lands. “Let me be clear, and I know this comes up all the time, we aren’t going to outlaw fracking.”
US achieved energy self-sufficiency during Trump era.However, subsequently during Biden regime it reverted to importing oil from countries that include Russia.
Trump said he believes Biden’s already low approval rating of 37% is overstated. He accused Biden for opening the US borders which resulted in massive increase in crime rates in Democrat held states.
During the past one year, US has fallen from number one to number three in oil production. In 2022, US has been averaging 9.352 million barrels per day (MBPD) while Russia and Saudis are producing 10.58 MBPD and 10.13 MBPD.
Even with Biden imposed delays in issuing permits and other detrimental policy initiatives, US is set to become the world’s top exporter of liquified natural gas (LNG) by 2023 according to analysts.
The day Biden took office on January 20, 2021 the Brent and WTI prices were USD 56.55 and USD 53.71 per barrel respectively. Oil prices steadily increased to over USD 90 before the Russian invasion of Ukraine.
Russian forex earnings, which is totally dependent on oil and gas exports, increased tremendously from escalating oil and gas prices globally. These trends allowed Putin’s autocratic regime—that control state wealth comprehensively—finance development of Russia’s military apparatus while other sectors of its economy faltered.
