U.S. oil producers pumped record levels of crude last week, according to government data released Wednesday, extending a surge in output that has made the United States the largest oil and gas producer in history.
The new record contrasts with claims made by Republican presidential candidate Donald Trump, who has sought to portray the Biden administration’s policies as disastrous for the oil and gas industry. Trump has alleged that President Joe Biden has undermined energy gains made during his term.
Preliminary data from the U.S. Energy Information Administration showed that oil companies pumped an average of 13.4 million barrels per day from U.S. oil fields during the week ended Aug. 2, surpassing the previous record of 13.3 million that the industry has hit several times this year. U.S. oil production began a long upward climb starting in 2008, setting a record annual peak in 2023 that will likely be broken this year.
Oil companies have become more efficient at pumping crude even as the number of drilling rigs in operation has fallen compared with last year, according to data from oilfield services firm Baker Hughes.
The United States and other countries are essentially making up for oil supplies that OPEC+, the production cartel and its larger group that includes Russia, have cut in recent years, said Tamas Varga, an analyst at PVM Oil Associates.
Vice President Kamala Harris has yet to outline an energy policy of her own for her presidential campaign. However, her campaign said last month that she would not ban fracking, a shift from 2019, when Harris was running for the Democratic nomination. Advances in fracking technology have helped propel the U.S. to the top spot in global oil and natural gas production.
2024-08-09 22:53:46