Biden's Changing Stance on Oil: Implications for National Security and the 2024 Election

Despite President Biden's push for green energy, the oil and natural gas industry has been thriving under his presidency. Energy has been the best-performing sector, leading to a wave of mega-merger consolidations among major energy companies. ExxonMobil and Chevron have announced multi-billion dollar acquisitions, fueled by the soaring stock prices of these companies. While Biden favors renewables, he recognizes the need for ample fossil fuel stocks to keep energy costs down and prevent public backlash. The energy sector's recent success is a rebound from lean times, and Biden's policies have had minimal impact on real-time operations, which are more influenced by investor demand and global market dynamics. Biden is now realizing the importance of affordable carbon energy for his reelection, and the US is expected to reach record oil production levels in the coming months.