These production increases are only temporary and expansion is limited. We haven't built a new refinery since about 1970. It can't be ramped up going forward because Biden has severely cut back domestic oil leases as part of his Green New Deal. He wants to depend on foreign oil, and that ain't working out, as recently demonstrated by the Saudis.
"Biden promised in late March to increase the amount of oil on the worldwide market to address the global energy crisis; however, he did not issue more drilling leases, instead, he began releasing hundreds of millions of barrels of crude oil from the Strategic Petroleum Reserve.
Biden’s DOI estimated in July that offshore drilling cutbacks would force the U.S. to import more crude oil to plug supply gaps as well as hike energy costs. Halting offshore drilling leases would force over half (51%) of the country’s lost energy production to be replaced by foreign energy imports from abroad should Biden refuse to issue new offshore leases from 2023 to 2028, according to a report produced by the Bureau of Ocean Energy Management (BOEM)."
MSN
www.msn.com
The goal of Biden and and his league of radical liberals is to price gasoline powered vehicles out of the market and replace them with electric vehicles. They apparently don't think we'll need those petroleum reserves. We're being governed by some dangerously incompetent people.
