I keep hearing the politicians say the United States is producing more petroleum than we use. We are not! We use just short of 20 million barrels each day on average. We produce around 18.6 so President Joseph Biden is releasing one million a day to make it close. We also import oil from Canada and Mexico plus a little from the Mideast.

            We produce 20% of the World’s production with the Saudis at 12% and Russia was 11% before the Ukraine War. At our current proven reserves we can continue at this level for around five years according to what the oil companies have reported to the government. Unproven guesses and hopes is much more. We are producing less than before because it pushes the price up greatly In 2019 the price of options on oil in the West Texas storage facility was a negative dollar for a period so they cut back. Now they are keeping production down jacking up the price and putting millions into the pockets of their officers and billions to the share holders. Production for 2017 was 3.415 billion, 2018 was 3.993 billion, 2019 was 4.485 billion, 2020 was 4.129 billion and 2021 was 4.082 billion barrels per day.

            Biden has drawn down our strategic reserve to about 400 million barrels which is the lowest in decades. He is selling it at two to three times what it cost years ago. The draw down is dangerous because of what could happen in the future.

            Our increase in production is coming from fracking the oil bearing shale formations. These wells will produce fast for two or three years and die down quickly often before the well makes money.

           It is very obvious we need to get away from petroleum as fast as we can and go to solar, wind, and green hydrogen if we are going to keep a viable economy. The writing is on the wall. Will we follow what it says?