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How U.S. oil production reached an all-time high in 2023 [1]

['William Brangham', 'Shoshana Dubnow']

Date: 2023-12-28 18:30:51-04:00

William Brangham:

Geoff, the average price of gas is $3.12 a gallon. That is far below the nearly $4.00-a-gallon highs we saw this fall.

At the same time, the U.S. is producing an unprecedented amount of oil, some 13.5 million barrels a day. Moreover, big energy companies are merging as they try to get more production out of the Permian Basin in Texas and in New Mexico. Exxon plans to buy shale giant Pioneer Natural Resources for nearly $60 billion, and Chevron plans to buy Hess for $53 billion.

This record production of oil and these big mergers come at the very same time when the U.S. government is trying to wean the nation off of fossil fuels, because using them is dangerously warming the planet.

Clifford Krauss is the national energy correspondent for The New York Times, and he joins me now.

Cliff, great to have you back on the program.

Explain to us, how did we get here from this plummeting oil market during the pandemic to now these record highs?

[END]
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[1] Url: https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023

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