There has been a lot of hand-wringing in the oil industry about the consequences of a Joe Biden win, so let’s discuss those today. Here is some context I like to use to frame the discussion. President George W. Bush was formerly a Texas oilman. His Vice President, Dick Cheney, was the former Chairman of the Board and Chief Executive Officer of the oilfield services company Halliburton. You couldn’t ask for a more oil-friendly administration. Yet U.S. oil production declined all eight years they were in office. The year before Bush was inaugurated U.S. oil production averaged 5.8 million barrels per day (BPD). In 2008 — his last full year in office — production averaged 5.0 million BPD. Barack Obama took office in January 2009. He had campaigned on combating climate change. He implemented lots of policies designed to encourage the use of renewable energy. He was often openly […]