The United States is producing more oil than any country in history

New York CNN — As the world grapples with the existential crisis of climate change , environmental activists want President Joe Biden to phase out the oil industry, andRepublicans argue he’s already doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history. The United States is set to produce a global record of 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, according to a report published Tuesday by S&P Global Commodity Insights. Last month, weekly US oil production hit 13.2 million barrels per day, according to the US Energy Information Administration. That’s just above the Donald Trump-era record of 13.1 million set in early 2020 just before the Covid-19 crisis sent output and prices crashing. That’s been helping to keep a lid on crude and gasoline prices. US output – led by shale oil drillers in Texas and New Mexico’s Permian Basin – is so strong that it’s sending supplies overseas. America is exporting the same amount of crude oil, refined products and natural gas liquids as Saudi Arabia or Russia produces, S&P said. ‘Verge of complete failure’: Climate summit draft drops the mention of fossil fuel phase-out, angering advocates “It’s a reminder that the US is endowed with enormous oil reserves. Our industry should never be underestimated,” said Bob McNally, president of Rapidan Energy Group. Record-shattering US production is helping to offset aggressive supply cuts meant to support high prices by OPEC+, mainly Saudi Arabia and Russia. Other non-OPEC oil producers including Canada and Brazil are also pumping more oil than ever before. (Brazil is set to join OPEC+ next year.) The strength of US output has caught experts […]

See also  United States: Modified Universalism And Comity Among Nations

Click here to visit source. The United States is producing more oil than any country in history

By Donato