U.S. oil production hit a record high of 13.4 million barrels per day last week, contradicting claims that the Biden administration's policies have harmed the energy sector.
Ben Lefebvre reports for POLITICO.
In short:
- U.S. oil producers reached a record output, despite a decline in drilling rigs, due to improved efficiency in oil extraction.
- The increase in production counters Donald Trump's claims that Biden's policies have hurt the oil and gas industry.
- Average U.S. gas prices remain lower than last year's peak but higher than pre-pandemic levels, influenced by global production cuts.
Key quote:
“Seems to be an all-time weekly record and indicative of improving the efficiency of using drilling rigs in the oil patch.”
— Andrew Lipow, head of Lipow Oil Associates
Why this matters:
Record U.S. oil production highlights technological advances in the industry, impacting both domestic energy prices and global markets. The issue also underscores the political debate on energy policies ahead of the upcoming elections.
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