US breaking oil. In the middle of climate change worries, some folks want President Biden to ditch the oil industry. But here’s the twist: the US is actually pumping out oil like never before.
Record Oil Production
The US is about to hit a global record of producing a crazy amount of oil. Reports say around 13.3 million barrels every day! That’s more than any country ever.
Oil Boom in the US
Last month, the US hit 13.2 million barrels per day. That’s just a smidge above what they did when Trump was in charge before COVID messed things up.
This huge oil flow from places like Texas and New Mexico’s Permian Basin is even going overseas, matching what big oil players like Saudi Arabia and Russia pump out.
Experts are surprised by how much the US is making. So much so that one big bank even dropped its prediction for oil prices because of all this extra American oil.
Even though the world needs a lot of oil, the US is making more than enough. Reports say that by 2024, the demand for oil will be met easily with the extra supply.
Oil and Gas Prices
Remember when gas prices were creeping up? Well, they’re down a bit now, thanks to this extra oil. Gas is hanging around $3 a gallon, which isn’t too bad.
Even though the US is making a ton of oil, Biden’s getting heat for his energy policies. Some say he’s trying to slow down oil production, but the numbers show otherwise.
Who’s in Charge?
US breaking oil. Here’s the thing: Presidents don’t have much control over how much oil gets pumped in the US. It’s mostly up to the companies and the market.
Oil companies have gotten smarter about how they dig up oil. They’ve found ways to get more without drilling a crazy amount.
The US is pumping out oil like never before, surprising everyone. Despite the push for cleaner energy, the need for oil right now is still huge. So, while there’s talk about reducing oil use, the reality is the US is on a roll with its oil production.