Posted 3/4/2024, 3:18:32 AM
U.S. Oil and Gas Production Hits New Highs in 2022 Despite Falling Prices
- U.S. oil and gas production hit new highs in December 2022, capping a record year of output
- Production kept rising despite crude prices falling from mid-2022 peaks after Russia invaded Ukraine
- Oil output rose 10% in December 2022 over 2021 as drilling efficiency improved
- Gas production also set a seasonal record in December and a new annual high in 2023
- Large inventory builds have intensified downward price pressure in both oil and gas markets
