XOM - Crude Conundrum: US Oil Production Hits Record Levels But Energy Stocks Aren't Pumping | Benzinga
U.S. oil production is at record levels, as data from the Energy Information Administration puts 2023 production of crude oil on its way to break pre-pandemic records.
The U.S. has been the top world producer of crude oil since the mid-2010s, a fact that has gone under the radar for much of the public. The latest data, from September, show a daily production of 13.2 million barrels a day, beating the previous record set in November 2019 of 13 million barrels.
The global oil market entered bear territory last week, even as OPEC+ nations agreed on new oil cuts. U.S. record oil production is helping push the needle towards declining prices as stockpiles in the U.S. beat market expectations.
On Monday, the national average price for regular gasoline was $3.15 per gallon. This average peaked at $4.84 per gallon in June 2022 during a period of extremely high inflation and dipped to as low as $2.97 in December 2022.
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