President Trump is using record American oil and gas production as his ace in the hole in dealing with NATO and Russia.
The Hill reports:
Crude oil and natural gas production hit a new record in June with the highest production ever in the U.S. Production of crude topped 10.7 million barrels per day with production of natural gas hitting 4 million barrels per day, according to an analysis released by the American Petroleum Institute (API) Thursday. API praised the major energy milestone as a sign of the country’s “energy renaissance.”
“U.S. oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations,” the group said. “With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil.” The analysis also found that petroleum demand with the U.S. is at its strongest since 2007.
The news comes as the United States aims to position itself as an international oil and gas provider. President Trump last week heavily promoted U.S. oil and natural gas exports during his NATO meetings in Brussels, strongly criticizing a planned Russia-Germany natural gas pipeline.
The president hammered the Germans for cutting a side deal with Russian on a pipeline. This is because American production has increased so much that we now have the power to replace Russian production with our own, which denies their military and economy a huge revenue source. President Reagan worked with the Saudis to lower the oil price in the 1980’s, which damaged the Soviet economy and ultimately caused the communist system to collapse. The more President Trump seels American oil overseas, the less the Russians can do to disrupt world peace.