My point is that Biden has nothing to do with the increase this year, unless you want to give him credit for the significant increase in economic growth this year that is fueling energy demand (I don't), just like Trump had nothing to do with the -3.5% GDP last year that caused a huge decline in oil prices in 2020.
We have a private energy economy in the country, we can't dictate production like the Saudis can. Our oil companies increase production as they see fit, and do so in a slow methodical way to maximize their profits, as all private companies should do.
Uncapping wells is a slow and expensive process, they can't increase production on a dime. which is why you can see the rig counts increasing slowly since the beginning of the year from 275 at the beginning of the year to 467 now. The increase has nothing to do with Biden, just like it had nothing to do with Obama when the rig count hit over 1600 in 2014, well above the Trump peak of 887 in 2019.
You can keep on believing oil prices have anything to do with negative comments from a President, or a pipeline that wouldn't be completed for years and wouldn't actually increase oil production by a single barrel, but it's short-term supply and demand and nothing more.
Get the U.S. Baker Hughes Oil Rig Count results in real time as they're announced and see the immediate global market impact.
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