Domestic oil production currently thrives, but the Biden administration fights it
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Despite the Biden administration's aggressive green energy push, the U.S. still leads the world in oil production, with the Energy Information Administration (EIA) naming America the top global producer for the sixth straight year in 2023.
However, Phil Flynn, an energy market analyst and FOX Business contributor, says a number of factors now threaten America's title.
A general view of oil drilling equipment on federal land near Fellows, California, April 15, 2023. (REUTERS/Nichola Groom/File Photo / Reuters Photos)
Flynn told Fox News Digital that although the Biden administration has tried to take credit for record oil production, the investments and technology that allowed the U.S. energy industry to raise production occurred despite the fact that the administration has fought them every step of the way.
«But I see warning signs that because of what we've seen, as far as the regulatory front, it's going to be challenging to keep that production going,» Flynn said in an interview.
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He pointed to a drop in rig count last week that he said could become a trend partly because natural gas prices are falling dramatically, but partly because of uncertainty surrounding the regulatory environment, and added, «It seems like we're kind of kicking the industry in the teeth at a time when they could really dominate.»
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, Nov. 22, 2019. (REUTERS/Angus Mordant/File Photo / Reuters Photos)
According to the EIA, crude oil production in the U.S.,
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