![]() ![]() Production behaved according to policies that had been put in place years earlier, and in accordance with the behavior of oil prices in previous years. oil production didn’t fall under Bush and rise under Obama based on the policies of these presidents. presidents was a long, slow decline of oil production that was only reversed when the hydraulic fracturing revolution began. ![]() ![]() The net impact of the past 50 years of U.S. oil production is at 10.5 million BPD - a significant decline from the 12.2 million BPD of 2019. Now, less than a month before the election, U.S. oil production eclipsed the previous 1970 peak (although if you include NGLs, that peak was eclipsed in 2013).īut then the Covid-19 pandemic crushed oil demand. Net imports of crude oil and finished products turned into net exports in late 2019. During the first three years of President Trump’s first term, annual U.S. Oil production had declined during President Obama’s last year in office as the average annual price of West Texas Intermediate (WTI) fell to $43.34/bbl. net imports of finished products like gasoline turned into net exports during Obama’s second term, and next imports of finished products plus crude oil fell by over 6 million BPD.ĭonald Trump was inaugurated as the 45th president on January 20, 2017. If natural gas liquids (NGLs) are included, the gains during Obama’s first seven years were 6 million BPD. history, and marked the largest increase in oil production during a single term of any president. This was the fastest increase in oil production in U.S. Production began to decline in 2015, but 2016 - the last year of Obama’s second term - was the first year of his presidency that annual oil production declined.īetween 20 oil production had increased by 4.4 million BPD. But then overproduction led OPEC to initiate a price war that ultimately crashed prices and production. The fracking boom caused oil production to accelerate until 2015. President Obama began his second term on January 21, 2013. In a reversal of the long decline that began in 1970, crude oil production would rise all four years of Obama’s first term. The economic sluggishness initially continued, but the impact of hydraulic fracturing began to be felt in President Obama’s first year in office. consumption.īarack Obama was inaugurated as the 44th president on January 20, 2009. During Bush’s last year in office, the level of imports reached just over 50% of U.S. This marked the first trickle of oil production from hydraulic fracturing, which would make a major impact during the terms of the next two presidents. The decline in domestic production continued, albeit at a slower rate of decline than during his first term. Imports fell back to below 10 million BPD. During Bush’s second term, consumption began to decline as the nation entered a recession and oil prices reached record highs. Bush began his second term on January 20, 2005. Imports also reached new highs, above 10 million BPD. During his first term, consumption climbed above 20 million BPD for the first time in the nation’s history. Bush was inaugurated as the 43rd president on January 20, 2001. Consumption and oil imports were at all-time highs, and production had fallen 40% from the 1970 production peak. Consumption rose by another 8%, domestic production fell by another 10%, and imports increased by an additional 21%. His second term trends were almost identical to those of his first term. history.īill Clinton began his second term on January 20, 1997. During his first term, consumption increased by another 7%, domestic production fell by 10%, and imports increased by another 23%-exceeding 7 million bpd for the first time in U.S. Imports increased by 19%, back above 6 million BPD for the first time since the 1970s.īill Clinton was inaugurated as the 42nd president on January 20, 1993. Consumption fell slightly during his term, but domestic production fell even more-down 12%. Bush was inaugurated as the 41st president on January 20, 1989. The trends from his first term all reversed themselves, as consumption rose 10%, domestic production fell by 8%, and oil imports increased by 49%. Ronald Reagan began his second term on January 21, 1985. ![]()
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