US Setting Historic Oil Production Record

US Setting Historic , Oil Production Record.<br />A recent report revealed that the United States <br />is currently on track to produce more oil <br />than any other country in history. .<br />CNN reports that the news comes <br />amid calls by activists for President <br />Joe Biden to phase out fossil fuels.<br />CNN reports that the news comes <br />amid calls by activists for President <br />Joe Biden to phase out fossil fuels.<br />According to a December 19 report by S&P Global <br />Commodity Insights, the U.S. is on track to produce <br />13.3 million barrels of crude per day - a global record.<br />Last month, the Energy Information <br />Administration said that weekly U.S. oil <br />production had hit 13.2 million barrels per day. .<br />That's just above the 13.1 million record set <br />in early 2020 under the Trump administration.<br />That's just above the 13.1 million record set <br />in early 2020 under the Trump administration.<br />CNN reports that the surge in production <br />has been driven by oil drillers in Texas <br />and New Mexico's Permian Basin. .<br />Output is reportedly so high that <br />the U.S. is exporting oil overseas.<br />According to the S&P, the U.S. is exporting as <br />much crude oil, natural gas liquids and refined <br />products as both Saudi Arabia and Russia.<br />It’s a reminder that the U.S. <br />is endowed with enormous <br />oil reserves. Our industry should <br />never be underestimated, Bob McNally, President of Rapidan Energy Group, via CNN.<br />S&P projections sugest that global demand for <br />crude oil is on track to hit a record in 2024, <br />but could "easily be met" by the surge in supply.