US Setting Historic , Oil Production Record.
A recent report revealed that the United States
is currently on track to produce more oil
than any other country in history. .
CNN reports that the news comes
amid calls by activists for President
Joe Biden to phase out fossil fuels.
CNN reports that the news comes
amid calls by activists for President
Joe Biden to phase out fossil fuels.
According to a December 19 report by S&P Global
Commodity Insights, the U.S. is on track to produce
13.3 million barrels of crude per day - a global record.
Last month, the Energy Information
Administration said that weekly U.S. oil
production had hit 13.2 million barrels per day. .
That's just above the 13.1 million record set
in early 2020 under the Trump administration.
That's just above the 13.1 million record set
in early 2020 under the Trump administration.
CNN reports that the surge in production
has been driven by oil drillers in Texas
and New Mexico's Permian Basin. .
Output is reportedly so high that
the U.S. is exporting oil overseas.
According to the S&P, the U.S. is exporting as
much crude oil, natural gas liquids and refined
products as both Saudi Arabia and Russia.
It’s a reminder that the U.S.
is endowed with enormous
oil reserves. Our industry should
never be underestimated, Bob McNally, President of Rapidan Energy Group, via CNN.
S&P projections sugest that global demand for
crude oil is on track to hit a record in 2024,
but could "easily be met" by the surge in supply.