is the base of his party? yes. you re right. biden and his crew are so obsessed with climate change, it s like a religion to them. they re constantly pushing this. john concernry said the inflation reduction act was misnamed. he loves it because it s about climate change. he said that as the climate czar. but joe biden and kamala harris take a fleet of planes to the west coast. they re expanding their carbon footprint and tell the rest of us we cannot have domestic drilling. do you know how many jobs and family livelihoods depend on the oil sectors and the jobs that radiate from that? the banks, the caterers, mom and pop stores. sean: everybody. folks rely on the oil industry within their smaller
basic message from pennsylvania voters that we talked to was drill, baby, drill, to pull in a little flashback. interesting that most of these voters were from the philly suburbs and yet they were overwhelmingly in favor of more domestic drilling. why does this matter? look at those pump prices. interestingly enough, jonathan, they agree with the biden framing of putin price hike that i have heard you talk about on joe a couple of times this week. they do think that putin more than president biden is to blame for high gas prices, but everything is in moderation, everything is in calibration. they don t buy the argument that paying more at the gas at the pump is the price of supporting people in ukraine. they want to bring it down with lower gas prices. and certainly if this war does stretch on for months and months like many officials believe, those prices are going to stay high, even though they ve come down a little bit in the last week or so we should
day. biden has driven ourda energy prices higher by limiting domestic drilling. and who benefits fromm that ? not us . putin does every time oil prices go up and biden s supporters remember love high energy costs or climate crazy. russia has more money in its pocket to fund his military ambitions. putin syam happy. yesterday it was trump, the villain he could runth against. then it was january six . then it, wasn covered. s then the parents protesting atin school board meetings and now it s russia and fox news. but the important thing tomb remember to all of this is that after 25 years of establishment leadership except for the four years of donaldot trump who got it right, america is dramatically weaker. so going forward it s the job t of our leaders to fix america, rebuild the military culture and find a way to get more f leverage over chinain.
to an etent, domestic drilling has rebounded but not at peak levels. why did domestic drilling stop or why did it slow down? the pandemic drove well, a couple reasons. you have to go back to 2014 when saudi arabia and russia flooded the world market with oil. to drive u.s. frackers out of business, making their business uneconomic. many went bankrupt. some emerged, so instead of drilling when prices were substantially lower than they were today, they returned capital to shareholders. now they re starting to drill again and production in the u.s. is back to nearly 12 million barrels a day, about a million shy of an all-time high. the keystone pipeline would have delivered, delivered, not produced 800,000 barrels a day. we still get that oil from canada. we just don t get it through the pipeline. would the keystone pipeline even be up and running at this point? would it be delivered? no. so what s the real reason for the major prices across the country that we re seeing?
domestic drilling. but a majority of american oil executives say there s one central thing stopping them from pumping more oil. and it s not politicians. it s not regulations. it s profits. cnn s matt egan is with us now. matt, this is a pretty stunning admission. what are they what are these oil companies saying? the oil ceos are pointing the finger at wall street, not washington. the dallas fed asked oil executives why publicly traded oil companies are restraining their growth? and here s what they said. 59% pointed to investor pressure to maintain capital discipline. that s code for, returning cash to shareholders through buybacks and dividends. instead of investing in growth, sitting on the profits. now here s why that really matters. supply is not keeping up with demand. we have oil output in the united states down 10% since the end of 2019. that s despite the fact that oil