Why oil companies are raking in record profits under Joe Biden

Nearly four years ago, during the previous presidential election campaign, Donald Trump warned that Joe Biden would harm the oil industry. As Trump and Biden prepare to face off in another election, Trump has reiterated claims that Biden’s agenda has negatively impacted energy producers. However, the oil and gas industry in the US has thrived under the current president, despite the Biden administration’s push towards renewable energy. US oil production and company profits have soared. The recent boom in the energy industry demonstrates the limited influence of any US president in the global oil and gas market.