The world may be pushing for renewable energy and climate change action, but guess what? The United States is rewriting the rules of the oil game. Despite debates on phasing out fossil fuels, America is not just pumping oil—it’s breaking records.
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The United States is preparing for a significant increase in oil production. Recent reports from S&P Global Commodity Insights reveal a staggering prediction: 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, making history.
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“It’s a reminder that the US is endowed with enormous oil reserves. Our industry should never be underestimated.” – Bob McNally, President of Rapidan Energy Group
Surpassing Trump-era records
Last month, weekly US oil production hit 13.2 million barrels per day, just edging past the previous record set during the Trump era. This surge is led by the efforts of shale oil drillers in Texas and New Mexico’s Permian Basin.
Global impact: American oil goes international
America’s oil output is so robust that it’s making waves worldwide. The US is exporting the same amount of crude oil, refined products, and natural gas liquids as energy giants Saudi Arabia and Russia.
The surge in US oil production has played a significant role in keeping a check on oil and gasoline prices. Despite geopolitical tensions affecting energy prices globally, America’s oil is trading below $74 a barrel.
“The world will continue to demand more energy, not less, and we urge policymakers to recognize the role American energy production can play.” – Dustin Meyer, American Petroleum Institute
Biden’s energy policy under fire
Amidst this, President Joe Biden’s energy policy is facing criticism. Critics argue that while the US is breaking records, the administration is restricting new production. This criticism comes despite Biden’s recent shift to a more pragmatic approach due to the reality of high gas prices.
“Unfortunately, this Administration continues to pursue policies designed to limit access to new production.” – Dustin Meyer, American Petroleum Institute
Contrary to popular belief, presidents don’t hold control over oil production. Unlike OPEC nations, the US oil output is largely determined by the free market, and Biden’s policies haven’t been the driving force behind this oil boom.
The spike in US oil production can be credited to smarter and more efficient operations by oil companies. Advanced drilling techniques, especially in shale oil, have unlocked new resources, showcasing the industry’s ability to adapt and innovate.
“It’s not like President Biden or any president has a dial in the Oval Office to increase production.” – Bob McNally, Rapidan Energy Group
As America rides the oil production wave, the Biden administration initially focused on climate goals, is navigating a pragmatic path, maintaining focus on global energy demands and geopolitical shifts.
“President Biden has been dragged kicking and screaming from his initial keep-it-in-the-ground strategy towards a more pragmatic policy.” – Bob McNally, Rapidan Energy Group
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