this post was submitted on 21 Aug 2023
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Very simple. Russia invaded Ukraine. That meant the entire West mostly stopped purchasing Russian fossil fuel. Saudi Arabia the leader of OPEC is unwilling to increase oil production to replace Russian production, as in 2019 the US was unwilling to defend the Saudis against Iranian missile attacks. So the US needs to find a way to give Europe enough oil and that means increasing its own production. Similar story with gas. Europe needs more LNG and the US has it.
However it also means Russia is in a hard position and the Saudis did already cut production. Chinas economy is struggeling and that will lower needs.
One huge thing Biden did well however is massivly increase investment into green technology. Building up renewables at a massive pace, setting up electric vehicle factories, battery factories and so forth in the US. That should lower US fossil fuel demand, combined with high prices for fossil fuels. However the US is behing the curve in going green for some time now.
this you? https://beehaw.org/comment/981148