No surprise here: it's exactly what they promised

Under Biden, Oil and Gas Discoveries Fell to Lowest Level in 75 Years

Global oil and gas discoveries have hit their lowest level since World War II, as the oil and gas industry discovered fewer than 5 billion barrels of oil equivalent in 2021. With no major finds announced in December, this represents a considerable drop from the 12.5 billion unearthed overall last year.

And despite what the vitriolic eco-radicals argue, the dwindling supply is bad for America and the developing world, especially since it occurs when global oil demand has never been greater.

The American Petroleum Institute (API) explains that the next two years could require nearly all of the world’s spare oil production capacity, as demand rises above pre-pandemic levels.

[API President Mike Sommers] noted that the world consumes 100 billion [million] barrels per day, with the United States producing oil “in the most environmentally-responsible way.” But he’s concerned about misguided actions over the last 11 months from Washington.

“We currently have an administration that is pursuing polices that seek to undermine American energy leadership, not advance,” Sommers claimed. “Biden is begging OPEC to pump more oil to reduce gas prices. The irony of them asking a price gouging regime, while at the same time accusing the American oil and gas industry of price gouging, is thick, and hasn’t been lost on American consumers. {I disagree — they haven’t noticed - Ed]

The International Energy Agency estimates that global oil production declines by about 7% annually without investment in existing fields. Yet cash to reinvest in new supply is scarce, as U.S. oil and gas firms slash capital expenditures due to plummeting stock prices. During COVID-19, for example, exploration budgets were trimmed to pay dividends and stem large losses from other endeavors that failed to generate profits.

In 2020-21, industry investment dropped by $145 billion, leaving it at about half the level as its 2014 peak.

Most of the potential dollars for exploration are now going to shareholders since oil and gas firms are paying dividends at approximately three times what other S&P entities are.

Remember, a year ago, 80 million Americans (give or take 20 million) voted to cut our collective throats. Victory!