Breaking News
Investing Pro 0
Last Call for Cyber Monday! Save Now on Claim 60% OFF

Surprise, Surprise: US Crude Oil Production Is Surging

By James PicernoCommoditiesSep 29, 2023 08:28AM ET
Surprise, Surprise: US Crude Oil Production Is Surging
By James Picerno   |  Sep 29, 2023 08:28AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

We may be toiling in the post-truth age, but I stubbornly remain stuck in old-school habits and favor hard data over the rising preference in some circles for creatively reframing facts.

Case in point: claims about US energy production, which became a hot-button issue at Wednesday’s Republican primary debate. If you accepted the candidates’ assertions it was easy to assume that America’s energy output has slumped sharply during the Biden administration. Former Vice President Mike Pence promoted this idea by arguing:

“One of the signature accomplishments of our administration was in just a few short years we achieved energy independence,” Pence said. “But on day one, Joe Biden declared a war on energy.”

He added:

“We’re going to open up federal lands, we’re going to unleash American energy, we’re going to have an all-of-the-above-energy strategy.”

The not-so-subtle implication: a radical U-turn is needed to reverse the dramatic decline in US energy production. The reality, however, is quite different when adopting the quaint idea of looking at the actual numbers, based on data from the US EIA.

Weekly production of crude oil through Sep. 22, 2023, rose to 12.9 million barrels a day. For those of you keeping score at home, that translates to an 18% increase since Biden was inaugurated on Jan. 20, 2021, which marks a sharp rebound from the falloff during the pandemic. 

Crude Oil Weekly Production
Crude Oil Weekly Production

The latest output level is still below the record peak of 13.1 million barrels for the week through Feb. 2020, but only slightly. If the recent trend persists, a new record high is likely before the year ends.

One can argue that the current recovery in output isn’t sufficient and that the administration could be even more aggressive in favoring what some might term a “drill, baby, drill” policy. But to suggest that America has abandoned its capacity to be energy-independent via domestic production requires an extreme bout of intellectual acrobatics that ignores the numbers in search of an alternative narrative.

In fact, there’s a strong argument to make that the Biden administration, for all its talk of pursuing a green energy policy, is moving too slow to curtail, much less reverse, US fossil fuel output. The numbers certainly provide support for that argument. But in the current realm of GOP politics, there’s no appetite to argue that view, to put it mildly.

In the post-game analysis/debate at Wednesday’s GOP talk fest, for example, California Democratic Gov. Gavin Newsom highlighted the rise in US energy to Fox News host and Republican stalwart Sean Hannity, who claimed “We were energy independent, and now we’re not.” Newsom correctly responded that “we’re more energy independent today — that’s a fact, look it up.” We did, and Newsom’s right, as the chart above indicates.

Acyn News
Acyn News

But Hannity persisted and falsely said that “Joe Biden has unilaterally disarmed [US energy production].” The facts suggest otherwise. Fortunately, facts are stubborn things, at least for those interested in understanding reality.

Surprise, Surprise: US Crude Oil Production Is Surging

Related Articles

Phil Flynn
The Energy Report: Butter Cup By Phil Flynn - Dec 01, 2023 1

Why does OPEC build It up Buttercup, baby, so the algos can crash it down and mess it around, and then worst of all (Worst of all) the market never falls When they say it will but...

Surprise, Surprise: US Crude Oil Production Is Surging

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Rubbing Hands
Rubbing Hands Oct 01, 2023 10:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how do you plan to hit record production when rigs are dropping faster than Biden's approval rating.
Knocchio An
Knocchio An Sep 29, 2023 8:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes.  It appears to be a fact that actual oil produced has increased.  But focusing solely on this fact does not take into account every other important forward looking fact. When oil prices were under assault by the government's SPR release, oil producers drilled but did not complete wells--creating a backlog of DUCs.  Today, with more attractive prices, they are finishing those wells and bringing them back on line--creating a surge of oil production.  But what about the future, will this continue.  Unlikely. Shale well production drops quickly (that's why you delay completion until prices are favorable).  Producers are cashing in their DUCs now, but are less confident in the future BECAUSE of the government's explicitly anti-oil policies and rhetoric.  So the number of rigs and wells drilled has been steadily dropping for months.  What we are up against today is a 7th grade algebra problem. More oil-producing capacity is being used up than is being created.
NK Dole
NK Dole Sep 29, 2023 8:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'd add that the current administration has put up roadblock after roadblock on offhshore leases and regulatory hurdles for larger projects with 30 large projects currently stuck waiting on regulatory apporoval or stuck in court with the fed filing the lawsuits.  The innovation of the oil and gas industry in squeezing out what was thought of as impossible less than 20 years ago.  The Permian basin is at record production and it has been under development since the 1920's or 100 years.  It is incredible.  This administration hasn't been a friend in any way to the development of oil and gas resources with multiple projects delayed or cancelled that would have put us way past record levels which would be assisting with lowering prices which is needed.  Suadi may have even opened the taps to lower prices to slow down US prduction as they have in the past lowering prices further.  The talking point of "look at the production" is getting old.  Look at the actions the adminstration has taken.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email