US Setting Historic Oil Production Record

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.

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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.

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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.

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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.