USA achieves energy self-sufficiency \ stacker news ~econ

769 sats \ 12 comments \ @TomK 17 May econ

Good news for the Americans: the Biden administration may be using the same rhetoric on energy policy as the completely out-of-control Europeans! But if we put action before words, we have to realize that the USA has massively upgraded its conventional energy sources and continues to produce them. This gives them a geostrategic advantage in this difficult transformation phase, in which the world is falling apart into two large economic blocs.

If we look to Europe at this point, we have to realize that here in Brussels, among the capitals of the eurozone, they have completely lost their way and are backing the wrong horse. In view of its energy poverty, Europe should be investing massively in nuclear technology and capacity. But there is no sign of this.

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193 sats \ 7 replies \ @Undisciplined 17 May

This is done in spite of, not because of, federal policy.

In the US, the federal government has limited authority to reduce energy extraction on state or private land. They do heavily restrict drilling and mining on the federal lands that they control.

It occurs to me, though, that a lot of that might actually be due to Biden selling off the oil in the strategic petroleum reserve. US law requires that to be replaced, but he's ignoring that, since it would cause gas prices to spike during his re-election campaign.

42 sats \ 4 replies \ @Bell_curve 17 May

Biden cancelled Keystone XL as soon as he got into office

62 sats \ 3 replies \ @Undisciplined 17 May

He also made oil leases harder to get on Federal lands, including in the ocean.

42 sats \ 2 replies \ @Bell_curve 18 May

How is oil production up?

52 sats \ 1 reply \ @Undisciplined 18 May

The chart isn’t oil production. It’s trade balance. When they emptied the Strategic Petroleum Reserve, that increased domestic supply.

42 sats \ 0 replies \ @Bell_curve 18 May

Thanks

21 sats \ 1 reply \ @Bell_curve 18 May

https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023

31 sats \ 0 replies \ @Undisciplined 18 May

I think that's mostly related to my first point. Most production occurs on land that the Feds have limited jurisdiction over, so when prices rise they can increase production.

52 sats \ 0 replies \ @BlokchainB 17 May

Drill baby drill

31 sats \ 0 replies \ @Satosora 18 May

Nuclear is the way to go. They even found a way for the waste to not be so radioactive.

43 sats \ 0 replies \ @Coinsreporter 17 May

I see at the chart and it gives me a great outlook about the recession of 2008-09 that Energy crisis was the one big factor in that.

Current achievement is definitely a big plus for US econ. However, this was being made possible only with the aggressive approaches on creating some war fronts. If not creating, surely US has benefited a lot from them.

42 sats \ 0 replies \ @machuPikacchu 17 May

We should all be skeptical of these reports especially when they come out during an election year. They also doctored the CPI print to make inflation look better than it is. If they cook the books in one area and are incentivized to do it elsewhere then we have to assume all of the data is potentially corrupted.