While delivering remarks at the White House, President Biden promoted his administration's record-high oil production numbers. The cost of gas has been at record high levels with the Biden Administration continuing to tap into the Strategic Petroleum Reserve in order to mitigate the high prices. Since OPEC+ announced they would be slashing oil production, the Biden Administration is trying to counter the expected high price increase to come with that oil production decrease.
BIDEN: “Let me, let's debunk some myths here. My administration has not stopped or slowed U.S. oil production, quite the opposite. We're producing 12 million barrels of oil per day and by the end of this year, we will be producing 1 million barrels a day, more than the day in which I took office. In fact, we're on track for record oil production in 2023. And today, the United States is the largest producer of oil and petroleum products in the world.”