US oil production forecast to reach new heights despite drilling slowdown

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🗞️ Driving the news: The US is expected to achieve record crude oil and natural gas production levels in 2024 and 2025, according to the Energy Information Administration
• Average oil production is forecast to reach 13.2 million barrels per day in 2024, exceeding the 2023 record
• Meanwhile, dry natural gas production is anticipated to hit 105 billion cubic feet per day in 2024, with further increases in 2025

🔭 The context: This surge in production occurs despite a drilling slowdown and contrasts with President Biden’s environmental policies
• It speaks to the lasting impact of the shale revolution and counters the expectation that the US energy boom might be waning

🌍 Why it matters for the planet: This surge comes amid debates on the environmental impact and the need for oil in the coming decade
• It represents a significant concern for those who advocate both for the phase-down and phase-out of fossil fuels

⏭️ What's next: While oil production is set to grow, its pace is expected to slow due to reduced drilling areas and Wall Street's pressure for shareholder returns
• The US is also likely to expand its liquefied natural gas exports, though there are concerns about new export permit restrictions by the administration

💬 One quote: “While production is up, it has nothing to do with anything that the Biden administration has pursued,” (Mike Sommers, CEO of the American Petroleum Institute)

📈 One stat: U.S. oil production is projected to reach 13.4 million barrels per day in 2025, setting a new record

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