Can President Trump take credit for record US oil production?

President Donald Trump’s administration has worked tirelessly to rebrand domestic energy policy in the two and a half years since he came to office. As this White House markets it, US energy is “dominant”. Fossil fuels are not produced or exported, they’re “unleashed”. And, of course, US LNG exports have been called “molecules of US freedom”. “The golden era of American energy is now underway,” Trump has said. By the numbers, Trump’s time in office has been a momentous success for oil producers: since his inauguration, US crude output has surged from 9.14 million b/d to a forecasted record 12.34 million b/d in July, a 35% increase, according to the US Energy Information Administration. By the end of next year, EIA forecasts US oil output to average 13.5 million b/d, accounting for more than 13% of total global oil supply and nearly all growth. “American energy production is soaring to new heights thanks to President Trump’s policies,” the White House said in an official statement in May. But how much credit can Trump claim, really, for record US oil production? Is output shattering monthly records because of Trump administration policies, or because of market fundamentals that would have boosted US… continue reading

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