Staff Reports
According to a report released by the U.S. Energy Information Administration, U.S. oil production has returned to its pre-pandemic levels, reaching the greatest levels in 40 months. This is excellent news for the energy independence and commerce of our nation! In June, the United States produced the same amount of crude oil per day as it did in February 2020, just before the pandemic struck.
U.S. oil production returns to pre-pandemic levels https://t.co/aeVUd1QePf
— Just the News (@JustTheNews) September 5, 2023
This increase in oil production is partially attributable to Saudi Arabia's voluntarily reduced crude output. Since August 2022, they have been reducing their production, which has aided to increase oil prices. The national average for unleaded gasoline on Labor Day was $3.81 per gallon, a modest increase from last year's average of $3.79 per gallon, despite higher production levels. Consequently, although we are producing more oil, it has not yet translated into significantly reduced gas prices.
It is essential to continue emphasizing on increasing domestic oil production and decreasing reliance on imported oil. In addition to bolstering our economy and national security, this helps keep gas prices low for industrious Americans. With the return of hydrocarbon production to pre-pandemic levels, we are making progress toward energy independence. Let's maintain our momentum!
