Over the last two years, the U.S. has significantly boosted its oil and gas production, despite also developing its renewable energy capacity. Following the Russian invasion of Ukraine and subsequent sanctions on Russian energy, the world experienced energy shortages and many countries found their energy security to be under threat.
expects to hit more record highs for crude production in 2024 and 2025, according to the U.S. Energy Information Administration EIA. By the end of the year, U.S. oil production is expected to increase by 290,000 bpd to 13.21 million bpd. The government expects to continue to produce near-record levels of oil and gas up to 2050, which will produce a massive amount of greenhouse gas emissions.
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