(Central Square) — In the first two months of 2023, U.S. crude oil production approached pre-COVID levels, according to the U.S. Energy Information Administration.
U.S. crude oil production in January and February was the highest since March 2020, when the pandemic began.
America produced 12.54 million barrels per day in January and 12.48 million barrels in February. This is the highest level since 12.8 million barrels per day in March 2020.
U.S. crude oil production plunged to a low of 9.71 million barrels per day in May 2020 during the pandemic, when many states imposed stay-at-home orders. US oil production will not exceed 12 million barrels per day again until August 2022.
Some gas analysts said gas prices could fall as the United States ramps up crude oil production.regular gas sold Averaged $3.561 per gallon in the US as of May 5, according to AAA. That’s down from his $4.247 a gallon gas bill a year ago. Gasoline was sold at $3.627 per gallon the week before he was.
“Increased production has historically helped put downward pressure on prices,” Scott Lauerman, media officer for the American Petroleum Institute, said in an email to Center Square. , the U.S. oil industry has continued to expand domestic crude production, but it has fallen below pre-pandemic levels by 500,000 barrels per day, largely due to government policies, labor force and supply chain restrictions, and a cooling investment climate. more than that.”
AAA spokesperson Andrew Gross said gas prices could fall below $3 a gallon in more parts of the country.
“U.S. oil production may offer good news, but oil is a global commodity, so we need to look elsewhere for production,” Gross said in an email to Center Square. “Fortunately, domestic demand for gasoline is declining, as is the price of oil. There could be more places nationwide selling under $3 per season, and the next possible hurdle is hurricane season.