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How The U.S. Is Pumping More Oil Than Any Country In History​

Sep 4, 2024
The U.S. is produced more oil than it ever has in 2023, according to the U.S. Energy Information Administration. In fact, this record marks the most oil ever produced in a year by any country in the history of the world. Both the oil and gas industry and the renewable energy industry are receiving billions of dollars in government support, primarily via subsidies. The Inflation Reduction Act is providing $369 billion to combat climate change, and $270 billion will be delivered through tax incentives. “We’re building out the infrastructure for clean energy, but we can’t retire the infrastructure for oil because we’re still using it,” Amy Myers Jaffe of New York University’s Energy, Climate Justice and Sustainability Lab, told CNBC. Here’s how the U.S. became the largest oil producer of all-time in 2023 — and what that means for the green energy transition.


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Chapters:
0:00 Introduction
01:32 Ch. 1: Record oil production
04:37 Ch. 2: Government support
07:17 Ch. 3: Renewables transition
11:26 Ch. 4: What’s next?
 

India plans to use LNG for third of truck fleet, in blow to diesel​

NEW DELHI, Sept 9 (Reuters) - India plans to have a third of its heavy duty long-haul trucking fleet fuelled by liquefied natural gas (LNG) instead of diesel in five to seven years to cut pollution, according to a draft policy from the federal oil ministry.

India, one of the biggest emitters of greenhouse gases, has set a 2070 net zero goal and wants to raise the share of natural gas in its energy mix to 15% by 2030 from about 6% now.

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‘They’re Gonna Pay For It’: A Single Texas Billionaire May Be About To Force Greenpeace USA Into Bankruptcy​

The Texas billionaire owner of a major pipeline company is on the precipice of potentially bankrupting Greenpeace USA, The Wall Street Journal reported on Sunday.

Kelcy Warren’s company, Energy Transfer, is seeking legal recourse against Greenpeace’s American arm in court, alleging that several Greenpeace USA entities paid for attacks against the company’s Dakota Access Pipeline and proliferated misinformation about the firm and its project in 2016, according to the WSJ. At the time, the project was a flashpoint in the environmental movement’s crusade against major fossil fuel infrastructure developments, and it was ultimately completed in 2017.

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Get ready for gasoline at $2.50 a gallon (or less!)​

Gasoline prices are seasonal. We all know that. They rise from mid-winter into the summer and fade in the fall when summer driving ends. Also, gas refiners typically use cheaper materials in making fuel during cooler months.

Prices are fading in a big way right now, and odds are that most American motorists will be paying less than $3 a gallon soon, maybe by the end of October.

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US gasoline prices set to fall under $3/gallon as election nears​

  • US avg. gasoline price set to dip to $2.99/gal by late Oct.
  • Lower fuel prices could help Democrats in election
  • Pump prices down sharply in competitive 'swing states'
  • Wild Card: Hurricane Francine churns through oil patch
NEW YORK, Sept 12 (Reuters) - U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month, shortly before they go to vote in November's presidential election, analysts said this week.

Softer gasoline prices, resulting largely from weaker fuel demand and sliding oil prices, are a relief for consumers who have struggled with record high fuel costs that have stoked inflation. Lower prices could also help Vice President Kamala Harris and other Democrats fight off sharp criticism from Republicans over pain at the pump.

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Oil Market Report Webinar September 2024​

Sep 14, 2024

The IEA's monthly Oil Market Report (OMR) is the exclusive source for official government statistics from all OECD countries, as well as selected non-OECD countries, together with both historical datasets and supply-and-demand forecasts for the year ahead.
Featuring tables, graphs and statistics, the OMR provides all the data necessary to perform ad-hoc analysis and track oil market developments and to identify trends in production, consumption, refining, inventories in OECD countries and prices for both crude and products.


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