Posted 12/28/2023, 11:30:51 PM
U.S. Oil Production Hits Record High While Gas Prices Drop, Conflicting With Climate Goals
- U.S. oil production reached an all-time high in 2023, now producing 13.5 million barrels per day
- Gas prices dropped to $3.12 per gallon, far below the nearly $4 highs seen earlier this year
- Big energy companies like Exxon and Chevron are merging and ramping up production, betting on oil's continued profitability
- Smaller, private companies financed by venture capital are rapidly increasing production in response to high oil prices
- This boom in oil production conflicts with Biden administration goals to transition away from fossil fuels and combat climate change
