U.S. oil production skyrocketed by 1.5% in August, reaching an all-time high of 13.4 million barrels per day, as reported by the U.S. Energy Information Administration. This surpasses the previous record set in December 2023.
Key oil-producing states also saw significant increases in output, with Texas hitting a record 5.82 million bpd and New Mexico reaching 2.09 million bpd. Gross natural gas production in the Lower 48 states dipped slightly to 115.9 billion cubic feet per day, still close to the record high set in December 2023.
While Texas experienced a rise in gas output to a record 36.1 bcfd, Pennsylvania saw a decrease to a three-month low of 20.0 bcfd. Despite these fluctuations, demand for petroleum products surged in August, reaching 20.7 million bpd, the highest level since May.
However, there were mixed results in specific product demands, as finished motor gasoline demand dropped to 9.3 million bpd, while distillate fuel oil demand rose to 3.9 million bpd.
Overall, the U.S. oil and gas industry is booming, with production hitting unprecedented levels. Investors and consumers alike should keep a close eye on these developments, as they can have a significant impact on global markets and individual finances.
