The Epoch Times’ Kevin Stocklin discusses his latest report, and how growing oil production for 2024 isn’t as positive as it seems.
A new report from the U.S. Energy Information Administration (EIA) notes that the U.S. could be set to create record production of oil and gas for 2024, with crude oil reaching as high as 13.1 million barrels per day in 2024. U.S. production of natural gas is set to see a similar rise, going to 104 billion cubic feet per day – a jump from the 98 billion recorded back in 2022.
Sounds like good news? Unfortunately, that isn’t the case, as a new report from The Epoch Timeshints that there’s trouble ahead.
Joe Trotter, who serves as director for the energy, environment and agriculture task force for the American Legislative Exchange Council, notes, “What’s going on right now is that there is record production, but that’s because it takes two to four years from the initial leasing and initial permitting for companies to actually produce a viable commercial amount. So what you’re seeing now is the legacy of the Trump administration, but at the same time, you’re beginning to see some of the problems that are coming out of the Biden administration.”
The report further reveals that the number of oil rigs are on the decline, dropping as low as 250 following what happened with COVID-19 just a few years back. There are currently 641 producing oil; and even with the reports of rising production, some believe it will see a negative effect in just a few years.
“You’re going to see a decline [in production] from this year, whether that happens next year or the year after, but some time in the short run,” Benjamin Zycher, an energy economist and senior fellow at the American Enterprise Institute, noted in the report.
This, of course, leaves question surrounding the Biden administration’s push for more natural resources, as well as what could happen with gas prices as the new year comes around. After all, just because there’s an increase in oil doesn’t mean the cost of gas is going to drop anytime soon. In fact, there’s a chance it could get worse.
Stocklin, the writer of the report, joins us now to discuss its effects further.
Q&A:
- Is it concerning that the Biden administration seems more concerned about the positive face behind the oil and natural resources production instead of the effects that could come down the road, especially with the closure of drill sites and oil rigs?
- What do you think will happen with the pricing of gasoline over the next few years as a result? Is there a chance we could see it rise to record prices – even over what we paid during the COVID-19 pandemic?
- Do you see Biden’s plan for the “net-zero” transition being effective? Or is there a chance that the lack of resources could make it such a failure that he has no choice but to seek out more pipelines and other traditional solutions?
- How will production companies scaling back investments affect the overall picture of energy production in America?
- What does this say about global emissions as a whole?
- You recently produced a new documentary called The Shadow State, which discusses the impact of the ESG market as a whole. Tell us more about it and what it’s done for business over the past few years.
- Where can people view The Shadow State? We understand there’s also a DVD available?
- The Shadow State is available right now on Epoch TV. Those interested in purchasing the DVD can do so here.
- Where can we find your recent article about this subject on The Epoch Times, as well as other works you’ve written?
- You can find my profile page here, with all my recently written articles, including a piece on the insurers’ ESG agenda.
About Kevin Stocklin:
Kevin Stocklin is a writer, film producer, and former investment banker. He wrote and produced We All Fall Down: The American Mortgage Crisis, a 2008 documentary on the collapse of the U.S. mortgage finance system.
CONTACT: Jerry McGlothlin at: geraldmcg@outlook.com or 919-437-0001.
