US Enjoying Record Oil Production—But Is It Sustainable?

The United States is producing record amounts of crude oil today, exceeding pre-pandemic levels, despite President Joe Biden’s promise in 2020 to “end fossil fuel.” Since the beginning of October, domestic crude output has accelerated and reached as high as 13.3 million barrels per day (bpd), according to the Energy Information Administration (EIA). In March 2020, U.S. production levels had totaled 13.1 million bpd. After collapsing to as low as 9.7 million bpd in February 2021, it has been a slow upward climb, with volumes stalling at around 12 million bpd from June 2022 to August 2023. However, due to stellar shale oil drilling activity in Texas and New Mexico’s Permian Basin, output has been strong, allowing the country to ship as much crude oil, refined products, and liquefied natural gas (LNG) as Russia and Saudi Arabia produce....