USA - US oil industry anticipated to boom, despite Biden's climate push
Government body predictions show the industry is set for a record year after pandemic lows, challenging climate ambitions.
The Energy Information Administration (EIA) has released its predictions for this year’s US oil production, with the government agency projecting the industry will surpass pre-pandemic numbers despite the Biden administration’s pledge to transition the country away from fossil fuels.
According to the report, oil production will reach a new high of 12.4 million barrels per day (mbpd) in 2023, up from the previous record of 12.3mbpd seen in 2019. Gas production is also set to see a record year, with the EIA forecasting that US natural gas output will overtake Australia and Qatar to place it as the number one exporter of this resource.
Petroleum and fuel consumption in the US is similarly expected to rise, with the EIA estimates showing that this will average 20.6mbpd in 2022 and 20.9mbpd in 2023, with this rise driven by an increased uptake of hydrocarbon gas liquids.