Against all odds American oil soars under Biden

Energy shares jumped 124% so far since Biden took over at the Oval Office vs. a 65% decline for the comparable period under Trump.

After a sharp decline in the final quarter of 2023, U.S. gasoline, American oil soars prices are surging again in a pivotal election year, offering Republicans a fresh chance to pin the blame on President Biden’s green agenda much to the chagrin of the White House. According to Bloomberg, citing new data from AAA Automobile Club, U.S. gas prices are now on course to hit the dreaded $4-a-gallon mark in the coming months, thanks to rising crude prices amid tightening supplies.

But here’s the kicker: under most key metrics, the U.S. oil and gas industry has flourished under the Biden administration despite its push towards a carbon-free future, proving that not even Washington has sufficient power to single-handedly sway large, globally interconnected markets like oil and gas. GOP White House hopefuls were quick to lambast Biden and his energy policies in the post-Covid oil price rally that hit its zenith shortly after Russia invaded Ukraine.

Yet, Big Oil investors were hardly complaining. According to data compiled by Reuters, profits of the top five publicly traded oil companies, namely Exxon Mobil Corp, Chevron Corp, BP Inc, Shell Plc and TotalEnergies SE rocketed to $410 billion during the first three years of the Biden administration, a 100% increase compared to the corresponding period of Donald Trump’s presidency.

Not surprisingly, oil and gas investors have been handsomely rewarded under the Biden administration, with energy shares jumping 124% so far since Biden took over at the Oval Office vs.-65% decline for the comparable period under Trump.

Click here to read the full article
Source: Oil Price

—

If you have any questions or thoughts about the American Oil Soars topic, feel free to contact us here or leave a comment below.

You might also like
As a group, the oil and gas industry’s free cash flow-to-capital expenditures ratio rose to 1 last year from 0.4 in 2020, and it’s forecast to approach 1.4 by 2030.Gas & Oil companies are swimming in so much cash that they’re cutting back on borrowing at a faster pace
2 US oil & gas companies will merge in a $26bn deal, the latest in a wave of acquisitions designed to buy up the best land for drilling.US oil companies to merge in $26B deal as firms rush to buy up drilling land
The Permian Basin produced nearly 6M barrels of oil a day in 2023. That’s more than Iraq, the UAE or Kuwait, according to Peter McNally.Oil-rich Permian Basin attracts buyers with resources
Unlock the secrets of oil and gas investment success with comprehensive financial modeling techniques. Navigate risks, optimize returns, and make informed decisions.Financial modeling for oil and gas investments
EIA data shows that average daily production in 2024 is 13.12M bpd — 7.1% ahead of the production level a year ago & 1.4% higher than last year’s record pace.US oil and gas production are ahead of last year’s record pace
Another good year for Texas oil companies boosted state coffers in 2023, yielding a record $26.3 billion in taxes and state royalties.Texas made record-breaking $26.3B in off oil and gas tax revenue last year
Dive into the world of mineral rights investments for passive income. Learn benefits, risks, and strategies in this comprehensive guide. Make informed decisions for a diversified investment portfolio.Investing in mineral rights: A path to passive income
Discover the pros and cons of leasing vs. owning oil and gas rights. Make informed decisions aligned with your goals in the lucrative energy sector.Leasing vs. owning oil and gas rights: Which is better?
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *