Contrary to popular assumption, oil companies have historically fared well, even under Democratic presidencies. For instance, under the leadership of presidents such as Obama and Biden, who are infamously known for not necessarily holding a favorable stance toward the oil industry, these companies have not just survived, but thrived. This counterintuitive reality warrants a closer look into the relation between political power shifts and their direct impact on oil companies.
1. Oil companies have historically performed well, even under Democratic presidencies, contradicting popular assumption.
2. Under presidents such as Obama and Biden, who aren’t traditionally seen as supporters of the oil industry, these companies have thrived.
3. Despite policies aimed at promoting renewable energy and protecting the environment, Democratic presidencies have been unable to significantly curb the oil industry.
4. The oil industry's intricately interwoven relationship with the global economy protects it from long-term impact due to any specific governmental policies or regulations.
5. The resilience of oil companies under various political power shifts calls for a deeper investigation into this relationship.
During President Obama's term (2009-2017), the annual average U.S. crude oil production increased by 88%, from 5.3 million barrels per day (b/d) in 2009 to 9.4 million b/d in 2017.
Despite the common perception, big oil has prospered under Democratic leadership. Even with Presidents Obama and Biden at the helm – figures who aren't known for championing oil interests – these energy giants have managed to flourish. Despite their environmental intent and policies geared towards renewable energy, presidents from the left have still been unable to throttle the oil industry. The working dynamics of such an intricate and global industry are just too interwoven with the overall functioning of the economy to suffer any sustained setback, regardless of the policies and regulation of any given administration.