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Oil production in the US reached a record level

Isbel Lázaro.

Published: December 27, 2023

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Inspenet, December 27, 2023.

According to the US Energy Information Administration. (EIA), the United States recorded daily crude oil production of 13.2 million barrels in October and November 2023 , surpassing the all-time record of 13.1 million per day set in February and March 2020, just before The Covid-19 pandemic began.

Unprecedented figures in oil production

In this way, Joe Biden has surpassed the mark set by Donald Trump in national daily crude oil production, now standing above pre-Covid levels. When Biden took office, production was 11 million barrels per day.

During Thanksgiving week, the average price of gasoline in the United States reached $3.29 per gallon, which represents a 10% decrease compared to the same period last year and a 13% decrease if adjusts for inflation. These prices continue to decline. The expansion of crude oil supply and the decrease in gas demand around the world are factors contributing to the decline in gas prices. According to the EIA:

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(The price of Brent crude oil decreased 15% from its most recent high of $96.55/b on September 27 to $82.32/b on November 20, reaching its lowest level since July. Crude oil prices are the main driver of gasoline prices in the United States and account for 55% of the total cost to produce a gallon of gasoline.)

It is important to mention that a crucial point of discussion among Republicans heading into the 2024 elections is the claim that President Biden ended domestic oil production, resulting in increased gas prices for consumers. . However, according to the Energy Information Administration (EIA), not only is this claim false, but domestic oil production is higher under the Biden administration than under the Trump administration, reaching record levels.

Although gas prices remain higher than when they crashed during the Covid-19 pandemic, they are declining under Biden’s presidency. Therefore, the Republican claim that Biden stopped oil drilling in the United States and made us dependent on other nations for gasoline is completely incorrect.

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Source: meidastouch.com