U.S. crude oil production soared last week to an all-time high of more than 13 million barrels per day, the U.S. Energy Information Administration said Thursday, exceeding analysts’ forecasts and boosting the nation’s oil inventories.
The record-high output does not fit well into the messaging promoted by either party. It complicates accusations from Republicans that President Joe Biden has carried out a war on energy. And it runs counter to Biden's preelection pledge to"transition from the oil industry." At the same time, Biden's environmentalist allies have been dismayed that he would allow any lease sales after pledging on the campaign trail not to do so. They're also frustrated with other actions he's taken in favor of drilling and constructing pipelines. In response to the market disruptions that followed Russia's invasion of Ukraine, the administration has encouraged oil companies to produce more oil in the short term.