>We consume 20 mil barrels per day and produce 11mil.
Under Biden. Under Trump we were exporting it.
Alrighty then, some weeds to get into are needed. I'll try to keep them trimmed.
WE were and are exporting oil, and we use more than we produce. What happened under Trump as far as being historic market-wise, had to do with the overall energy market rather than just the oil segment of it. Most of the movement happened in the oil and gas market, but we never became a net exporter of oil in particular.
Trump tipped the scale to us becoming "energy independent" (net exporter of energy, all sources) for the first time in over 50 years (more, but I can't remember exact number and am too lazy to look it up) with an executive order which decreased the cost of production of US oil and natural gas. Other things too, pipeline, for instance. Anyway, oil accounts for a little over a third of the "energy" produced. Gas accounts for a little less than a third.
So we had high exports at low prices while Trump was able to build up the oil reserves at a discount price (and help support the domestic production market in the process)Covid hit, screwed the pooch on nearly everything market-wise(chaos), and then the election came.
Biden shut down the pipeline, reversed policies on oil leases with a slick move that amounts to "sure you can have oil leases : on the lands that don't have oil" and a few other idiotic moves. These policies obviously increase the cost of production and decrease availability : both of which would raise prices and did, but Biden had a handy-dandy huge pool of oil reserves that had been bought by Trump back when prices dropped like a rock due to his policies. So, for quite awhile, Biden was able to artificially dampen prices in the domestic market.
So far, everything I've mentioned Biden doing wouldn't affect world demand for US oil in a positive way. So, how do you increase demand for your product while your prices for it are going up?
Simple ... capture a market by removing competition.
Which market? Europe, plus whoever else you can get to go along with sanctions against Russia. Then, you can even set a new , higher record !
So now we've got high exports at high prices, high prices at the pump, and low oil reserves.And I haven't touched devaluation of the dollar: bad under Covid-Trump, atrocious under Biden. not a fan of either, to be honest, but i think it's better to be honest about them... not to imply that I thought you were being dishonest, btw. ... and I'm really replying to the topic/room