According to the Financial Times, profits of the largest U.S. oil and gas companies have almost tripled since the beginning of the Biden Administration. During the Trump administration, the combined net profit of the 10 largest oil and gas companies was $112 billion USD. Today, the combined net income of those same corporations during the Biden era has increased by $201 billion USD to a total of $313 billion USD.
The output of oil within the U.S. has reached new levels, with daily production reaching 13.3 million barrels a day. Natural gas has also reached new heights, with output currently standing at 105 billion cubic feet per day. These figures made the U.S. surpass Qatar last year, becoming the nation with the highest daily output of oil and natural resources.
The Biden administration has attempted to limit the scale of growth for these corporations by addressing the climate change issue more extensively than any previous presidency. The president has expressed a desire to “transition from oil,” but due to the increase in gas and oil prices resulting from Russia’s invasion of Ukraine and a rebound in demand following the COVID-19 pandemic, these corporations have experienced immense benefits.
