U.S. Oil and Gas Production Continues to Shatter Records.

In 2023, the U.S. achieved a historic high in oil production, averaging 12.93 million barrels per day (BPD), a 5% increase from the previous record set in 2019. By 2024, production surged further, reaching an average of 13.12 million BPD, marking a 7.1% rise compared to the previous year. Similarly, U.S. natural gas production hit a record high in 2023, reaching 125 billion cubic feet per day (CFD), surpassing the previous record set in 2022 by 4%. While January 2024's natural gas production slightly lagged behind the previous year's record, it still showed a 1.1% increase from January 2023. Despite a decline in drilling rigs, the WTI crude oil price hovering around per barrel supports the ongoing growth of oil and gas production in the U.S.