Oil production had declined during President Obama’s last year in office as the average annual price of West Texas Intermediate (WTI) fell to $43.34/bbl. net imports of finished products like gasoline turned into net exports during Obama’s second term, and next imports of finished products plus crude oil fell by over 6 million BPD.ĭonald Trump was inaugurated as the 45th president on January 20, 2017. If natural gas liquids (NGLs) are included, the gains during Obama’s first seven years were 6 million BPD. history, and marked the largest increase in oil production during a single term of any president. This was the fastest increase in oil production in U.S. Production began to decline in 2015, but 2016 - the last year of Obama’s second term - was the first year of his presidency that annual oil production declined.īetween 20 oil production had increased by 4.4 million BPD. But then overproduction led OPEC to initiate a price war that ultimately crashed prices and production. The fracking boom caused oil production to accelerate until 2015. President Obama began his second term on January 21, 2013. In a reversal of the long decline that began in 1970, crude oil production would rise all four years of Obama’s first term. The economic sluggishness initially continued, but the impact of hydraulic fracturing began to be felt in President Obama’s first year in office. consumption.īarack Obama was inaugurated as the 44th president on January 20, 2009. During Bush’s last year in office, the level of imports reached just over 50% of U.S. This marked the first trickle of oil production from hydraulic fracturing, which would make a major impact during the terms of the next two presidents. The decline in domestic production continued, albeit at a slower rate of decline than during his first term. Imports fell back to below 10 million BPD. During Bush’s second term, consumption began to decline as the nation entered a recession and oil prices reached record highs. Bush began his second term on January 20, 2005.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |