STEPHEN MOORE: Drill Baby Drill Is Working
Well, so much from the vaunted renewable energy “transition” to save the planet. This was always a fable. We get 80 percent of our energy from fossil fuels, and with Trump now in the White House that ratio is rising…
Well, so much from the vaunted renewable energy “transition” to save the planet. This was always a fable. We get 80 percent of our energy from fossil fuels, and with Trump now in the White House that ratio is rising, not falling.
A Reuters headline from recent days tells the real story: “US crude production to hit record 13.41 million billion barrels in 2025 before falling.”
The data from the International Energy Administration tells the same story about clean natural gas: we’re producing more of it than ever before. Why shouldn’t we? The U.S. has greater access to clean, cheap, reliable, and made-in-America natural gas than any other nation. Natural gas is far cheaper and less land intensive than ugly wind and solar farms that industrialize America’s natural landscape beauty.
All told, American energy in the ground is a $50 trillion treasure chest right under our feet. The commercial value of this abundant rest is – nearly enough to pay off our entire national debt. We would be lunatic to leave it in the ground.
The rapid revival of America as an energy superpower under Trump should come as no surprise. It’s the continuation of a 15- year trend thanks to the fracking and horizontal drilling revolution that has nearly tripled U.S. annual production.
Even under Biden – who was as green as Poison Ivy – oil and gas production hit new highs. But that was mostly due to the sharp rise in oil prices when Biden became president.
Crude was over $100 in 2022 and generally ranged between $70 and $85 for the rest of Biden’s term. At $100 a barrel, drillers will search for oil in your backyard. If it were not for Biden’s environmental regulations and the cancellation of vital energy infrastructure, such as the Keystone XL pipeline, we would have produced far more oil under Biden. Gas wouldn’t have gone up to $5 a gallon.
What’s impressive about the Donald Trump oil production spike is that it’s happened even as the spot oil global price has fallen. In other words, we’re getting the best of both worlds: made-in-America energy AND low prices at the pump. The Energy Information Administration reports forecasts that gas prices will keep falling to below $3 a gallon by next year.