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Silver coins are still relatively cheap to purchase in Canada even though the Canadian dollar is about 73 Cents American.
This is the legacy of President Biden Administration pumping too much money into the economy and then raising interest rates to slow the economy down and slow down inflation and now two banks have failed and companies are starting to lay off thousands of people.
This is called demand destruction. The alternate way to lower inflation is to raise oil production and drop prices by increasing Supply but President Biden won't do that.
President Biden keeps adding restrictions to oil exploration in the USA and keeps putting more areas under a moratorium for mining or oil extraction but yet still begs for oil from Venezuela.
Remember that on the first day of office, President Biden stopped the Keystone XL pipeline and it would have allowed for 100,000 barrels of oil to come into the USA by pipeline instead of by rail. As we have seen, railway accidents are more common than pipeline accidents. Canada is still Imports oil to the USA at a fraction of the amount that the pipeline would have allowed because railroads are already at the saturation point with thousands of oil cars in transit going south to Texas refineries.
In the last 20 years, every time the oil prices have gone up to about $100 a barrel, Russia has invaded its neighbors.
Some analysts believe that Russia gets money from the high oil prices worldwide to fund its war effort.
If we had no Biden executive orders or restrictions to our oil supply, the price of oil would be at about $50 a barrel. This would lower or stop inflation and it would cripple Vladimir Putin and not enable him to pay for his invasions of Moldova, Tranisitria, former Soviet Georgia, Abkazia and South Ossetia, Crimea and Ukraine.
If plPresident Trump would have won the last election, we would have lower oil prices and we wouldn't have this inflation problem either because president Trump left us with a 6% growth rate and a 1.4% inflation rate.
Democrats like president Clinton bleeds in lower taxes unlike today because the Biden Administration doesn't know the first thing about economics and finance 101. They believe in raising taxes and making us the nanny state. President Biden wants to raise at least 3.5 trillion dollars in taxes in his 2023 budget.
That is a recipe for slower growth and for Corporations to move their headquarters to lower tax countries.
This is the legacy of President Biden Administration pumping too much money into the economy and then raising interest rates to slow the economy down and slow down inflation and now two banks have failed and companies are starting to lay off thousands of people.
This is called demand destruction. The alternate way to lower inflation is to raise oil production and drop prices by increasing Supply but President Biden won't do that.
President Biden keeps adding restrictions to oil exploration in the USA and keeps putting more areas under a moratorium for mining or oil extraction but yet still begs for oil from Venezuela.
Remember that on the first day of office, President Biden stopped the Keystone XL pipeline and it would have allowed for 100,000 barrels of oil to come into the USA by pipeline instead of by rail. As we have seen, railway accidents are more common than pipeline accidents. Canada is still Imports oil to the USA at a fraction of the amount that the pipeline would have allowed because railroads are already at the saturation point with thousands of oil cars in transit going south to Texas refineries.
In the last 20 years, every time the oil prices have gone up to about $100 a barrel, Russia has invaded its neighbors.
Some analysts believe that Russia gets money from the high oil prices worldwide to fund its war effort.
If we had no Biden executive orders or restrictions to our oil supply, the price of oil would be at about $50 a barrel. This would lower or stop inflation and it would cripple Vladimir Putin and not enable him to pay for his invasions of Moldova, Tranisitria, former Soviet Georgia, Abkazia and South Ossetia, Crimea and Ukraine.
If plPresident Trump would have won the last election, we would have lower oil prices and we wouldn't have this inflation problem either because president Trump left us with a 6% growth rate and a 1.4% inflation rate.
Democrats like president Clinton bleeds in lower taxes unlike today because the Biden Administration doesn't know the first thing about economics and finance 101. They believe in raising taxes and making us the nanny state. President Biden wants to raise at least 3.5 trillion dollars in taxes in his 2023 budget.
That is a recipe for slower growth and for Corporations to move their headquarters to lower tax countries.
Gold nears record on weaker economic data
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Less expensive oil would be good for us snd bad fir Russia. Oh wait, Russia gave the Biden Family a lot of money didn’t they! It looks like they got their money’s worth.
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Please cite for me what specific restrictions to our oil supply have been made under this President. I'm aware of restrictions on future development of pipelines. Pipelines that were carrying exactly 0 oil then, and wouldn't be built yet right now. So none of that has any effect at all on current supply. So - what restrictions are there in EO's that have actually cut supply now?? In fact, US oil production has been steadily returning back to pre-pandemic levels, under this President. What DJT left us was a million dead Americans, and huge bill on CC via tax cuts for the very wealthy, which this President is now addressing. Under DJT, the national debt increased more in 4 years than for all other Presidents combined. Fully 50% of recent inflation has been corporate profit taking, because they "suffered" through the low demand of the pandemic - which again, DJT caused by pretending there was no pandemic for at least several months.
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Sgt (Join to see) We will not live down the shame of President Biden’s Administration in my lifetime.
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Sgt (Join to see) Ann please refer him to the department of energy report on record low crude oil production. You are correct since 2020 oil production has fall so hard that oil platforms in the Gulf of Mexico have been closed down because it’s not profitable under the Biden administrations own policies to continue drilling. Let me know if you need and help on this but your correct just to this link
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DECEMBER 22, 2021
U.S. crude oil production fell by 8% in 2020, the largest annual decrease on record
annual and monthly U.S. exports of distillate fuel oil and propane
Source: U.S. Energy Information Administration, Petroleum Supply Monthly
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on March 9.
U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records. The production decline resulted from reduced drilling activity related to low oil prices in 2020.
In January 2020, U.S. crude oil production reached a peak of 12.8 million b/d. In March 2020, crude oil prices decreased because of the sudden drop in petroleum demand that resulted from the global response to the coronavirus (COVID-19) pandemic. The declining prices led crude oil operators to shut in wells and limit the number of wells brought online, lowering the output for the major oil-producing regions. In May, U.S. crude oil production reached its lowest average monthly volume for the year at 10.0 million b/d.
U.S. crude oil production by state or region
Source: U.S. Energy Information Administration, Petroleum Supply Monthly
In 2020, more crude oil was produced in Texas than in any other state or region of the United States, accounting for 43% of the national total. Crude oil production in Texas averaged 4.87 million b/d in 2020, a decrease of 205,000 b/d (4%) from the record high of 5.07 million b/d set in 2019.
The Federal Offshore Gulf of Mexico saw the largest decrease in crude oil production, falling by 245,000 b/d (13%) to an annual average of 1.65 million b/d in 2020. Several hurricanes and tropical storms struck the Gulf of Mexico last year, causing operators to evacuate platforms and shut in production. North Dakota had the second-largest decrease at 242,000 b/d (17%) to an annual average of 1.18 million b/d. Oklahoma had the largest percentage decrease at 19%, falling to an annual average of 469,000 b/d.
The largest statewide increase in crude oil production in 2020 was in New Mexico, where it increased by 133,000 b/d (15%) to a record annual average high of 1.04 million b/d. The growth in New Mexico came from the Permian Basin, which spans parts of western Texas and eastern New Mexico.
U.S. annual crude oil production by state or region
Source: U.S. Energy Information Administration, Petroleum Supply Monthly and State Energy Data System
Principal contributor: Emily Geary
Tags: production/supply, Texas, liquid fuels, crude oil, states, North Dakota, Gulf of Mexico
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Skip to sub-navigation
SearchMENU
Enter Search Term(s):
TODAY IN ENERGY
GLOSSARY › FAQS ›
HOMEBROWSE BY TAGPRICESARCHIVEABOUT
DECEMBER 22, 2021
U.S. crude oil production fell by 8% in 2020, the largest annual decrease on record
annual and monthly U.S. exports of distillate fuel oil and propane
Source: U.S. Energy Information Administration, Petroleum Supply Monthly
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on March 9.
U.S. crude oil production averaged 11.3 million barrels per day (b/d) in 2020, down 935,000 b/d (8%) from the record annual average high of 12.2 million b/d in 2019. The 2020 decrease in production was the largest annual decline in the U.S. Energy Information Administration’s records. The production decline resulted from reduced drilling activity related to low oil prices in 2020.
In January 2020, U.S. crude oil production reached a peak of 12.8 million b/d. In March 2020, crude oil prices decreased because of the sudden drop in petroleum demand that resulted from the global response to the coronavirus (COVID-19) pandemic. The declining prices led crude oil operators to shut in wells and limit the number of wells brought online, lowering the output for the major oil-producing regions. In May, U.S. crude oil production reached its lowest average monthly volume for the year at 10.0 million b/d.
U.S. crude oil production by state or region
Source: U.S. Energy Information Administration, Petroleum Supply Monthly
In 2020, more crude oil was produced in Texas than in any other state or region of the United States, accounting for 43% of the national total. Crude oil production in Texas averaged 4.87 million b/d in 2020, a decrease of 205,000 b/d (4%) from the record high of 5.07 million b/d set in 2019.
The Federal Offshore Gulf of Mexico saw the largest decrease in crude oil production, falling by 245,000 b/d (13%) to an annual average of 1.65 million b/d in 2020. Several hurricanes and tropical storms struck the Gulf of Mexico last year, causing operators to evacuate platforms and shut in production. North Dakota had the second-largest decrease at 242,000 b/d (17%) to an annual average of 1.18 million b/d. Oklahoma had the largest percentage decrease at 19%, falling to an annual average of 469,000 b/d.
The largest statewide increase in crude oil production in 2020 was in New Mexico, where it increased by 133,000 b/d (15%) to a record annual average high of 1.04 million b/d. The growth in New Mexico came from the Permian Basin, which spans parts of western Texas and eastern New Mexico.
U.S. annual crude oil production by state or region
Source: U.S. Energy Information Administration, Petroleum Supply Monthly and State Energy Data System
Principal contributor: Emily Geary
Tags: production/supply, Texas, liquid fuels, crude oil, states, North Dakota, Gulf of Mexico
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While Senator Joe manchin gets upset because his pipeline that he thought he was going to get with the compromise he did with the Democrats they Blue Falcon him and they won't approve the last 28 miles of the 300 Mi pipeline through West Virginia. The environmental zombie left will not allow it but even in Liberal canada, they are allowing the liquid natural gas terminal to be complete and it will actually have a lot of employment of Canadian Indians.
The Biden Administration purposely stalls on projects and look how it's buying oil from Venezuela! Venezuela has the same quality oil as Canada except that Venezuela has hundreds of oil spills and no accountability but President Biden doesn't care because it's not in his backyard. It's stupid that President Biden met with prime minister Trudeau after screwing him over his first day in office by canceling the Keystone XL pipeline. Trudeau probably bit the bullet because he knows that 38 of the 50 US states are Canada's biggest trading partner so he just took it up the 5th point of contact and didn't show any resentment when he met with President Biden last week. President Biden doesn't have time to go to the border nor does he have time to go to East Palestine and only did Pete buttigieg go once Trump went but then he dressed up totally nerdy and not appropriate for the occasion.
$3B, First Nation-owned Cedar LNG project granted environmental approval from B.C., Ottawa
https://www.cbc.ca/news/canada/british-columbia/3-billion-indigenous-cedar-lng-kitimat-1.6774918
COL John McClellan Sgt (Join to see) PV2 Scott Mollette LTC Trent Klug
Canada is in the top five countries with the largest proven oil reserves but the only democratic country. Venezuela, Iran, Saudi Arabia.
The Biden Administration purposely stalls on projects and look how it's buying oil from Venezuela! Venezuela has the same quality oil as Canada except that Venezuela has hundreds of oil spills and no accountability but President Biden doesn't care because it's not in his backyard. It's stupid that President Biden met with prime minister Trudeau after screwing him over his first day in office by canceling the Keystone XL pipeline. Trudeau probably bit the bullet because he knows that 38 of the 50 US states are Canada's biggest trading partner so he just took it up the 5th point of contact and didn't show any resentment when he met with President Biden last week. President Biden doesn't have time to go to the border nor does he have time to go to East Palestine and only did Pete buttigieg go once Trump went but then he dressed up totally nerdy and not appropriate for the occasion.
$3B, First Nation-owned Cedar LNG project granted environmental approval from B.C., Ottawa
https://www.cbc.ca/news/canada/british-columbia/3-billion-indigenous-cedar-lng-kitimat-1.6774918
COL John McClellan Sgt (Join to see) PV2 Scott Mollette LTC Trent Klug
Canada is in the top five countries with the largest proven oil reserves but the only democratic country. Venezuela, Iran, Saudi Arabia.
$3B, First Nation-owned Cedar LNG project granted environmental approval from B.C., Ottawa | CBC...
The $3-billion Cedar LNG proposed by the Haisla Nation in partnership with Pembina Pipeline Corporation has been issued an environmental assessment certificate by the province, bringing the floating facility's construction one step closer to reality.
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