- Oil and gas investors have been handsomely rewarded under the Biden administration.
- Energy shares jumped 124% so far since Biden took over at the Oval Office vs. a 65% decline for the comparable period under Trump.
- Trump has promised to “drill baby, drill” and restore America’s energy independence when he returns to the White House–even as the U.S. cements its position as a fossil fuel superpower.
After a sharp decline in the final quarter of 2023, U.S. gasoline 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.
Source: Y-Charts
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. (NYSE:XOM), Chevron Corp.(NYSE:CVX), BP Inc.(NYSE:BP), Shell Plc (NYSE:SHEL) and TotalEnergies SE (NYSE:TTE) 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.
Republicans have repeatedly railed against Biden’s climate policies, blaming them for compromising U.S. “energy independence” by limiting U.S. oil and gas production and raising fuel prices. Shortly after becoming president, Biden [in]famously canceled the Keystone XL Pipeline project designed to bring in more Canadian crude to U.S. refineries and paused new LNG export permits pending an environmental review in 2023 ostensibly in a bid to woo climate voters.
Meanwhile, Trump has promised to “drill baby, drill” and restore America’s energy independence when he returns to the White House–even as the U.S. cements its position as a fossil fuel superpower.
However, Trump will have his work cut out because U.S. crude and natural gas production have both hit all-time highs under the Biden administration. According to the U.S. Energy Information Administration (EIA), crude oil production in the United States, including condensate, av