US oil production just hit a record high

"US oil production notched an all-time high of 13.4 million barrels per day last week, according to data from the Energy Information Administration.

That number is up from 12.6 million barrels each day a year ago, making for an 800,000-barrel increase.

The new production record comes just months after the EIA announced in March that the US produces more crude oil than any other country."

- rest of article at US Oil Production Reached Record High Last Week - Markets Insider (businessinsider.com)

 

So, per the chart, contrary to the false narrative of the MAGA National Conservatives, the production of oil during the Biden administration has INCREASED since January 20, 2021, and NOT decreased.

Thank you for the providing a chart to prove that point, Van.

 

The United States needs to greatly increase amount of electricity that can be produced by reliable sources before going on an EV buying binge.

 

Yes, it is. Just ask the people of Texas what it is like to have an unreliable power grid.

 

The general rise in prices is commonly referred to as inflation, although inflation is technically defined as an increase in the supply of money beyond the increase in productivity. Thus, there can be no general rise in prices unless there is an excessive increase in the supply of money beyond the increase in productivity. If there is only a proper total of money available in a free market, then if prices rise in one part(s) of the economy then prices must fall in another part(s) of the economy, as there will be only so much money to spend, and supply and demand will keep the general price index steady.

 

Your statement does not take into account the quantity and value of the money being used. If the money supply is increased with no change in the "quality and quantity", then prices will rise, due to the fact that inflation is defined as an increase in the money supply beyond the increase in productivity.

The Federal Reserve increasing the money supply and accommodating Congressional profligacy without a sufficient rise in productivity, i.e., the quantity of goods or services, results in a general rise in prices. The primary cause of inflation is the Federal Reserve and its actions.

The United States is currently producing more oil than it has ever produced and is the top oil producer in the world.

 

Yes, definitely a mistake pushed by the pro-EV, pro-reliance on wind and solar energy crowd.