President Joe Biden’s war on the oil and gas industry has cost the United States more than a quarter of a trillion dollars in lost economic activity, according to a new study. The Committee to Unleash Prosperity released the findings of its study to The Daily Wire after U.S. oil production under Biden has failed to reach the same trend line regarding rate of growth that was achieved under former President Donald Trump. While the U.S. is currently producing more oil than ever before, it is only slightly higher than the U.S. was producing in 2019, prior to the coronavirus pandemic. The study was conducted by Stephen Moore, Co-Founder of the Committee to Unleash Prosperity, and Former Chief Economist of the White House Council of Economic Advisers Casey Mulligan, Ph.D., Professor in Economics at the University of Chicago and Senior Fellow at the Committee to Unleash Prosperity. “The Energy Information Agency had predicted that the U.S. could produce as much as 15 million barrels of oil under current trends,” the study found. “According to EIA, in the second half of 2023, U.S. daily oil production averaged 13.2 million barrels, which is close to the peak reached under Trump.” The study found that the average price of a barrel of oil has been significantly higher under Biden, $72 per barrel, than it was under Trump, $54 per barrel. The productivity generated from each new well surged under Trump by 23%, but “fell significantly” once Biden took office in January 2021 through late last year “both in absolute terms and relative to previous trends.” The decline in the rate of production reflects “rising extraction costs, which is one of the consequences of increased regulation, tax hikes, and investor unwillingness to fund petroleum companies,” the study said. CLICK HERE TO GET THE DAILYWIRE+ APP “Although the EIA lowered its forecasts in early 2021 due to new challenges oil companies faced in securing capital, the agency still anticipated productivity growth to return,” the study said. “According to their modest forecast, U.S. production should have already reached 14 MMb/d [million barrels per day] by 2022. But, in fact, production had yet to reach 13.0 MMb/d even by mid 2023. The surprisingly low production results are part of the reason why EIA cut its production forecasts in 2022 and, especially, 2023.” Had the rate of production under Biden remained the same as under Trump, the U.S. would have produced at least an additional 2.4 billion barrels. The lost oil and gas production and increased extraction costs have reduced “cumulative GDP by about $250 billion.” “Anti-energy policies in the United States enrich the major oil producers in Asia and the Middle East, some of whom use their wealth to fund terrorism,” the study said. “Indeed, they are enriched twice by our policies. One benefit they get is that subtractions from U.S. production are subtractions from world production that contribute to higher world oil prices. The second benefit is that undermining shale activity in the U.S. gives OPEC more pricing power, because we are no longer as able to respond to OPEC production cuts with production increases of our own. Indirectly, Biden’s policies regarding U.S. production are reducing OPEC production too.” Moore said that the report made it clear that Biden’s policies were wounding U.S. national security, the economy, and global stability. “This report makes it clear that the left’s radical agenda, led by Biden’s policies, are self-inflicted wounds that are directly contributing to the current economic challenges and rising energy costs hurting millions of working Americans across the country,” he said.

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Democrats railed against the Wall Street Journal over a report about President Joe Biden's private mental instability, and they were nailed with backlash on social media. The article entitled "Behind Closed Doors, Biden Shows Signs of Slipping" was co-written by Annie Linskey."Participants in meetings said the 81-year-old president performed poorly at times. The White House said Biden is sharp and his critics are playing partisan politics," she wrote in a summary on social media. The reported cited both Republicans and Democrats who had interacted with the president in recent months in private. “Most of those who said Biden performed poorly were Republicans, but some Democrats said that he showed his age in several of the exchanges,” the report said. 'This article's a joke.' Furious Democrats lambasted the news outlet on X, the platform formerly known as Twitter. "Many of us spent time with @WSJ to share on the record our first-hand experiences with @POTUS, where we see his wisdom, experience, strength and strategic thinking," wrote Democrat Rep. Nancy Pelosi of California. "Instead, the Journal ignored testimony by Democrats, focused on attacks by Republicans and printed a hit piece," she added. "This article's a joke. They purposefully left out what I told them," responded Senate Majority Leader Chuck Schumer of New York. "In my meetings with President Biden, I have found him to be in command and impressive in wielding influence to make progress on key bipartisan priorities," he added. "But you don’t have to trust me, just look at his legislative results—which is why the GOP are trying so hard to discredit him."White House officials tried to produce evidence that the article was biased against Biden. Senior deputy press secretary Andrew Bates reposted comments from Democrats who said the report had ignored their input because it didn't fit with the criticism against Biden. "What a surprise - Republicans employing their election year messaging strategy that contradicts their own prior words about @POTUS. Gambling in Casablanca!" wrote White House communications director Ben LaBolt. Joe Scarborough, a former Republican congressman, also expressed exasperation about the report on his MSNBC show "Morning Joe" on Wednesday morning. “If you want to talk about international affairs, if you want to talk about how to get bipartisan legislation, Joe Biden is light-years ahead of all of them,” Scarborough claimed. “And the fact that The Wall Street Journal knew these quotes were out there, that editors — I’m not looking at the reporter. People always blame the reporter… I don’t even know what to say. I really don’t even know what to say here.”Others on the right mocked Democrats for trying to undermine the article. "If I were the President running for reelection, I would simply stop being *secretly* inexhaustible and sharp as a tack and do it in public at speeches and campaign events," joked Fox News contributor M.K. Hammer. Biden is 81 years old and would be 86 years old by the end of a second term if he wins the presidency again in November. Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!