The United States has made a big splash in the oil world by setting a new annual record for oil production, and it looks like we’re also on track to break records in natural gas production. Let’s break this down so it’s easier to understand.
First, let’s talk about oil. In 2019, before the COVID-19 pandemic shook things up, the U.S. produced a lot of oil – about 4.49 billion barrels over the year, or 12.3 million barrels every single day. But then the pandemic hit, and like many things, oil production dropped in 2020 and 2021. However, in 2022, things started to look up again.
Now, how do we know we’ve set a new record? Well, the Energy Information Administration (EIA) keeps track of how much oil the U.S. produces. They have these reports that come out every month, but there’s a bit of a delay. For instance, right now, the latest info we have is only up to September. By then, the U.S. had already produced 3.50 billion barrels of oil.
But there’s a way to get more recent numbers! The EIA also releases a weekly report every Wednesday, which includes the latest figures. By looking at these reports, we can see that in October and November, the U.S. was producing over 13 million barrels per day.
So, by the beginning of December, the U.S. only needed to produce a little more oil to beat the 2019 record. And given the production rate at that time, it’s pretty much a sure thing that around December 15, we passed that record.
Now, the EIA might adjust these numbers a bit when they release the final figures next year, but any changes will be small. It’s clear that a new record was set.
But there’s more! The U.S. isn’t just breaking records in oil production; we’re also doing great with natural gas. Up to September, we were already producing over 4% more natural gas than last year’s record. We don’t get weekly updates on natural gas like we do with oil, so we can’t say for sure, but it looks like we’ll set a new record around December 20.
To sum it up, despite the challenges, the U.S. oil and gas industry is booming, setting new records in production. It’s a big deal because it shows how the industry is bouncing back and could mean different things for energy prices, jobs, and even global politics.
