The United States is producing more oil than any country in history | CNN Business
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As the world grapples with the existential crisis of climate change, environmental activists want President Joe Biden to phase out the oil industry, and Republicans argue he’s already doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history.

As the world grapples with the existential crisis of climate change, environmental activists want President Joe Biden to phase out the oil industry, and Republicans argue he’s already doing that. Meanwhile, the surprising reality is the United States is pumping oil at a blistering pace and is on track to produce more oil than any country has in history.

The United States is set to produce a global record of 13.3 million barrels per day of crude and condensate during the fourth quarter of this year, according to a report published Tuesday by S&P Global Commodity Insights.

Last month, weekly US oil production hit 13.2 million barrels per day, according to the US Energy Information Administration. That’s just above the Donald Trump-era record of 13.1 million set in early 2020 just before the Covid-19 crisis sent output and prices crashing.

That’s been helping to keep a lid on crude and gasoline prices.

  • gregorum@lemm.eeEnglish
    131·
    6 months ago

    yes, there are things congress could do to greatly improve the situation, but that takes time. and, ya know, congress not wasting all their time trying to expel and elect another speaker or trying to distract the country from the Trump show with their own Biden revenge impeachment and actually doing their jobs.

    as a side note, tax rebates are not very helpful when people need to wait until the end of the year (or the middle of the next) for their savings. why not instant tax rebates/saving at the time of purchase?

    • AA5B@lemmy.world
      21·
      6 months ago

      I believe that’s happening in 2024

      I had my state tax rebate immediately applied to my purchase this year (actually somewhat annoying because I found out too late to adjust my loan and would have preferred borrowing Less rather than getting part of my down payment back)