U.S. crude oil production soared last week to an all-time high of more than 13 million barrels per day, the U.S. Energy Information Administration said Thursday, exceeding analysts’ forecasts and boosting the nation’s oil inventories.
According to the EIA’s Weekly Petroleum Status Report, U.S. crude oil production increased by roughly 300,000 barrels per day last week compared to the previous seven-day period, averaging a record-high production level of 13.2 million bpd.
The record-high output does not fit well into the messaging promoted by either party. It complicates accusations from Republicans that President Joe Biden has carried out a war on energy. And it runs counter to Biden’s preelection pledge to “transition from the oil industry.”