Former President Donald Trump’s prediction of President Joe Biden’s intentions to “destroy the oil industry” during the 2020 presidential campaign has not materialized as expected. In fact, the United States has witnessed unprecedented levels of oil production, outputting more of it than any other nation has in human history.
New data released by the Energy Information Administration (EIA) confirms this trend, revealing that the U.S. produced a record-breaking 12.9 million barrels of oil per day in 2023. This figure exceeds the previous worldwide high of 12.3 million barrels set in 2019 during the Trump administration.
These statistics defy the narratives pushed by some on the political right regarding the fate of the oil industry under Biden. However, they also challenge the notion that Biden’s policies aimed at transitioning away from oil have taken significant effect.
The Biden administration’s commitment to shift away from fossil fuels has included imposing moratoriums on new oil and gas leases on federal lands and waters, where nearly a quarter of the nation’s domestic oil supply still originated from prior to these measures. The White House has also introduced initiatives that impose new fees and emissions fines on the industry to incentivize a transition to alternative energy sources.
Nevertheless, American oil production accounted for almost one-fifth of the world’s total supply in the 2023, solidifying its position as the global leader. Not only that, but the U.S. is actually projected to surpass its 2023 oil production record multiple times in the coming years.
The surge in U.S. oil production can be attributed in part to geopolitical developments, particularly Russia’s invasion of Ukraine, which prompted European nations to seek alternative oil suppliers due to sanctions imposed on Moscow. Consequently, the U.S. emerged as the top crude oil supplier to Europe.
Advancements in drilling technology — notably horizontal drilling and hydraulic fracturing — have also played a pivotal role in increasing oil productivity. These innovations have enabled energy companies to extract more oil from existing sites, contributing to the surge in production.