![]() ![]() “We’re well on our way to that,” CEO Darren Woods told an industry conference in Houston on Monday. Politico reports:Įxxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.Įxxon has said it expected to increase its production from the Permian by 100,000 barrels per day this year, on top of a sharp ramp up last year to 460,000 barrels per day. production as quickly as they can, “right away” in their world does not mean overnight. One Canadian premier says it would be a good idea.Įven while oil companies say they are boosting U.S. By the way, the turmoil over Russian oil is resurrecting talk about whether to bring the Keystone XL Pipeline back to life. The biggest customers are Mexico, Canada and China. no longer exports oil, which is not true. There is a notion that makes its way around political circles that the U.S. ![]() oil companies planned to increase production by a million barrels this year, which would put it close to the 2019 peak. Even before the president’s announcement that the U.S. You can see from the chart that when fuel demands dropped so drastically in the pandemic, 260 oil companies filed bankruptcy and many stopped new drilling projects. Given those production levels, consider that in 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day. ![]()
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