· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: U.S. oil producers achieved a record-breaking 13.4 million barrels per day (bpd) in the week ending August 4, marking the highest oil production ever by any nation
• This represents an 800,000 bpd increase compared to the same week in 2023
🔭 The context: The shale revolution, beginning with the Eagle Ford Shale in 2008, has driven continuous growth in U.S. oil production, despite predictions of decline and a significant reduction in active drilling rigs
🌍 Why it matters for the planet: Despite global efforts towards energy transition, oil demand continues to rise, underscoring the ongoing dependence on fossil fuels and the challenges in shifting towards greener alternatives
⏭️ What's next: U.S. oil production may continue to break records as global demand grows, challenging both industry and policymakers to balance energy needs with environmental concerns
💬 One quote: "The global economy remains an oil-based economy despite all the hype about the energy transition and trillions of debt-funded dollars spent on subsidies for alternatives that so often prove inadequate or economically ruinous." — David Blackmom
📈 One stat: U.S. oil production has grown by 2.3 million bpd over the last 44 months, even as the active drilling rig count has declined by 70% since 2017
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