Why the US Is Pumping More Oil Than Any Country in History

The politics of solving climate change may, paradoxically, require producing more fossil fuels for a while. Roge Karma, writing for The Atlantic: By boosting domestic oil supply, the Biden administration seems to be contributing to the very problem it claims to want to solve. The reality is more complicated. "Pushing for reductions in U.S. oil production is like squeezing a balloon -- the production will 'pop out' somewhere else," writes Samantha Gross, an energy-and-climate expert at the Brookings Institution. The world's energy needs are growing rapidly, which means oil companies are going to supply it regardless of what the White House does. If the U.S. were to cut back tomorrow, prices would rise. In the short term, this would lead to less consumption and lower emissions. But those high prices would only entice producers in other countries to step in, as many did in the months after Russia's invasion. For that reason, reductions in U.S. oil production could actually result in higher overall emissions. The U.S. has one of the least emissions-intensive oil industries on the planet. Shifting production to countries with looser standards would likely be worse for the climate. But the deeper explanation for the Biden administration's actions has to do with the politics of climate change. Put simply, pursuing a decarbonization agenda requires Biden to maintain political support, and there is no surer way to lose political support than by presiding over high gas prices. Biden's approval rating has tracked gas prices for most of his presidency (although he hasn't yet benefited from recent improvements), and the drop in prices in the months leading up to the 2022 midterms may have contributed to Democrats' unexpectedly strong performance in those elections. Plus, when the price of energy goes up, the price of everything else tends to rise as well, sparking further inflation.

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