Summary: “Trisha Curtis, president and CEO of PetroNerds, a Denver-based strategic advisory firm, told me, “The Biden administration’s response to OPEC’s decision to cut two million barrels a day is a sign of true desperation.
The SPR is already at levels not seen since 1984, putting the U.S. and the world on a path to higher oil prices in the future. The Administration has been unable to achieve a relief in sanctions on Iran and is now looking at Venezuela, again—even though Venezuelan production is heavily connected to both Russia and China.”
Ms. Curtis, a national expert in oil production, explained that the United States could begin producing another 2 million barrels per day by immediately re-approving expiring Federal permits. Reapprovals have virtually stopped under the Biden administration.
Additionally, the Administration could immediately accelerate lease sales and permit approvals on federal lands and end the moratorium on federal and offshore lease sales. Approving Keystone XL and accelerating the final development of the nearly finished pipeline would bring as much as 1 million barrels a day of Canadian crude to the Gulf Coast.”