Posted 1/11/2024, 11:30:00 AM
U.S. Oil Production at Record Highs But Energy Independence Still Out of Reach
- U.S. is producing record amounts of oil, but still imports more than it exports and is not yet energy independent
- To become a net oil exporter, production would likely need to exceed 17.5 million barrels per day, which is unlikely
- Infrastructure constraints like lack of pipelines prevent the U.S. from being fully energy independent
- U.S. oil output is expected to peak in 2024 then gradually decline due to lower prices and falling demand
- Shale companies are focused on returns to shareholders rather than maximizing production growth