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home / news releases / COM - Production And Exports Of Crude Oil And Petroleum Products Soar To Record In 2023 SPR Gets Refilled (Slowly)

COM - Production And Exports Of Crude Oil And Petroleum Products Soar To Record In 2023 SPR Gets Refilled (Slowly)

Direxion Auspice Broad Commodity Strategy

2024-03-05 11:20:00 ET

Summary

  • Crude oil production in the US soared to a record 12.9 million barrels per day in 2023, up by 158% since 2008, when fracking started becoming a significant factor.
  • The surge in production in 2022 and 2023 was a result of much higher oil prices starting in 2021.
  • The Biden administration released large portions of the Strategic Petroleum Reserve from mid-2022 through June 2023 to push down the price of crude oil that had spiked.

US oil production boom has dramatically changed global energy dynamics.

Crude oil production in the US soared to a record 12.9 million barrels per day in 2023, up by 158% since 2008, when fracking started becoming a significant factor....

For further details see:

Production And Exports Of Crude Oil And Petroleum Products Soar To Record In 2023, SPR Gets Refilled (Slowly)
Stock Information
Company Name: Direxion Auspice Broad Commodity Strategy
Stock Symbol: COM
Market: NYSE
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