U-S domestic oil production hit an all-time high last week, surpassing the record high set before the pandemic. LSU Interim Director of Energy Studies Greg Upton says it’s not surprising the U-S economy has continued to grow post-pandemic.
“As the pandemic has ended the global economy has continued to grow the U-S economy has continued to grow. That demands come back. And so we’re kind of right getting back to that pre-pandemic peak in terms of U-S oil production.”
Domestic crude production is at 13 million barrels per day.
Domestic oil production hits an all-time high as Republicans claim President Biden’s policies are reducing fossil fuel production. Upton says that’s certainly the case when it comes to long-term production in the Gulf of Mexico.
“There’s been canceled, vacated lease sales that got reinstated. Look it’s really fair to point out that these specific supply restrictive policies have been implemented.”
Upton says he doesn’t see domestic oil production slowing down any time soon, especially when there is such demand internationally.
“The developing world such as China and India continues to develop. and hundreds of millions of people get access to transportation and things for the first time you’re likely to see demand for oil and liquid fuel increase over the next decade.”
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