Crude oil production in the U.S. hit the second-highest level on record in July, according to a report from the federal government. It came despite the efforts of the Biden administration to end dependence on fossil fuels and to convert the nation to electric vehicles.
The U.S. Energy Information Administration said it was largely due to output from the Permian Basin where Oklahoma oil and gas producers are active. The production totaled 12.991 million barrels a day, which was the highest output since it hit 13 million barrels in November of 2019.
Texas produced a record 5.63 million barrels a day. What’s amazing is that the U.S. production has come despite a decline in the number of rigs across the nation. Figures from Baker Hughes Co. released on Friday showed the amount of rigs has fallen 20% since late November, including five in the past week, leaving 502 active rigs.
One thing the increased U.S. production has done is to fill the gap caused by production cuts by Russia and Saudi Arabia. And the U.S. exports totaled more than 4 million barrels a day.
