The United States Produced More Crude Oil Than Any Nation At Any Time

Pixabay Pexels

According to the U.S. Energy Information Administration, “The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row.” The US also had all time record monthly production of 13.3 barrels per day in December. The EIA believes the record may never be broken.

Making Money On ClimateThe Art Of Hedging

EV Trouble –Rivian

In 2023, the United States, Russia, and Saudi Arabia had 40% (32.8 million b/d) of global oil production. The last time this happened was in 1971. Saudi Arabia’s crude production peaked in 2022. “In 2023, crude oil production in Saudi Arabia declined by about 900,000 b/d because of OPEC+ cuts and further voluntary cuts Saudi Arabia made to offset weaker demand growth,” the report’s authors wrote.

Bad News For Climate

The data is bad news for climate change advocates. It signals record demand for crude oil and that the oil market will not drop in the foreseeable future. Several countries, including the US, have said record oil use is necessary geopolitically. Late last year, President Biden commented, “We’re still going to need oil and gas for a while.” The federal government has tried to increase the use of alternative energy via programs that include tax credits.

Alternative energy is coming online slowly. In particular, investments in solar and wind power have become risky in many cases, cutting funding. Nuclear power continues to try to overcome the belief that it is dangerous.

Similar Posts