All-Time Record American O&G Output Punctures Trump's Whining About Lack Of Energy "Dominance", But . . .

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U.S. oil producers pumped record high levels of crude last week, according to government data released Wednesday, extending the upswing in output that has made the United States the biggest oil and gas producer in history.

The new record contrasts with claims made by GOP presidential nominee Donald Trump, who has sought to cast the Biden administration’s policies as calamitous for the oil and gas industry. Trump has claimed that President Joe Biden has undermined the energy achievements made during his term in office. “We are no longer energy independent or energy dominant as we were just a few short years ago. We are a nation that is begging Venezuela and others for oil,” the former president told a rally in Florida last month.

Preliminary data from the U.S. Energy Information Administration showed oil companies pumped an average of 13.4 million barrels a day from U.S. oil fields during the week ended Aug. 2, surpassing the previous record of 13.3 million the industry has hit several times this year. U.S. oil production began a long climb upward starting in 2008, setting an annual record peak in 2023 that is likely to be broken this year.

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Republicans and some in the oil industry have criticized the Biden administration for raising royalty fees for oil production on federal land and limiting how much of that land is available for drilling. A federal lease sale held by the Interior Department on Tuesday for acreage in North Dakota and Montana showed oil industry demand was still strong. Companies bid a total of $24 million dollars for 5,569 acres of federal land in the two states, home to the oil-rich Bakken shale oil field. That sale was conducted despite protests from environmental group Friends of the Earth, which has called on Harris to “rein in” the industry if elected president, said Nicole Ghio, senior fossil fuels program manager at Friends of the Earth Action.

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https://www.politico.com/news/2024/08/07/us-oil-output-august-record-00173065