Biden accused of wasting US energy potential as '3 million barrels wasted every day'
Joe Biden has been blamed for wasting '3 million barrels of oil every day' as a US economist blasts the federal government
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Joe Biden has been blamed for wasting "3 million barrels of oil every day" as a US economist blasts the federal government.
Expert Casey B. Mulligan suggests at the beginning of the Biden administration oil production "went backwards."
Speaking to GB News, he said: "Before the pandemic we jumped into the leading country in the world, believe it or not, we had really had dramatic change in the industry, a lot of discoveries.
"Not just finding new resources but figuring out how to get them out of the ground into the consumers hands cheaply.
"We were progressing very strong and that everyone expected that progress to continue.
"But then beginning in the Biden administration, we actually went backward with with our production and we really failed to go forward.
"I believe only last month or maybe two months ago, we were able to even get even where we were four years ago and we really were marching ahead at such a fast pace, we should be way ahead of that.
"So by our estimates, we're missing maybe 3,000,000 barrels every day, 365 days a year because of that lack of production.
"And we think that has a lot to do with there's a lot of regulations coming out of the federal government. There's also even the federal government acknowledges this.
He added: "The ESG movement, which the government has definitely greased the wheels for, meaning making it hard for investors to invest in promising energy companies and in companies have trouble financing their new research, their new production plans.
"And then there's a serious concern that taxes on businesses are going to go up.
"And that's a very big deal for oil companies."
A report by Mulligan and Stephen Moore revealed that Biden's "anti-American" policy is set to cost the country roughly $100 billion a year for as long as the Democratic president's policies continue.
An investigation has revealed that Biden’s new anti-energy policies, “Environmental, Social and Governance” (ESG) and rising business tax rates means US oil production has fallen 1-5 million daily barrels short of previous trends.
The experts suggest that in comparison, President Trump’s regulatory and tax policies would have allowed US oil and gas industries to produce more, at lower cost per barrel and cubic foot of gas.