Sky-high oil prices have left both America’s oil industry and its President pointing fingers at one another. Biden has repeatedly called on the oil industry to increase production, but the industry has been slow to act, and perhaps for good reason. Historically, the oil industry has ramped up production when prices rose to meaningful levels, but the crashes have provided producers with some key lessons along the way. In the months leading up to the Covid-19 pandemic, U.S. oil production hit an all-time high of just below 13 million barrels per day (BPD). As the pandemic unfolded, demand collapsed, and production followed. By May 2020, oil production had dropped by more than 3 million BPD to 9.7 million BPD. Since then, demand has recovered to pre-pandemic levels. Oil production, however, has only partially recovered. The most recent data available from the Energy Information Administration (EIA) shows current U.S. oil […]