The US is the world's largest producer of oil, producing 18.9 million barrels of the fuel a day, per the Energy Information Administration. But the US is also the world's largest consumer of oil, so exports are limited.
By comparison, the de facto OPEC leader and major exporter Saudi Arabia produces 10.8 million barrels of oil a day but consumes just 3.2 million barrels daily, exporting the rest, the EIA said.
Dimon's comments came days after OPEC and its allies agreed to slash oil output, in response to a weaker global economy. The White House said US President Joe Biden was "disappointed by the shortsighted decision.
We really have no policy whatsoever. it is swinging back and forth depending. Oil production today replaced the Climate change- No drilling, No KeystoneXL pipeline last year. The White house didn't care about the high prices of oil then. Now we want more oil, low prices as the elections are around the corner. Just a thought.
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