U.S. crude oil output hits record high
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Crude oil exports hit a record high during the first half of 2023, making it the highest output from U.S. oil wells since 2015.
This past week also represented the highest ever weekly crude oil output in the country since it started keeping track of exports in 1983.
Data from the U.S. Energy Information Administration also shows we’ve imported less crude oil from Saudi Arabia.
While some may think this means our energy production is becoming more independent of the world’s economy, that isn't the case.
One reason for this is because our crude oil is different from crude oil in place like Saudi Arabia.
Crude oil — just like the gas options at the pump — comes in different grades.
Most refinery infrastructure in America is built around the grade of oil that comes from places like Saudi Arabia and are not able to refine U.S. oil.
It’s a move that came after the promise of a steady flow of oil from the Middle East.
Crude oil is also cheaper to import, and by following the export model we've had for decades, oil companies can make a big profit.
While the public experienced record-high gas prices last year, oil companies still managed to bring a record-breaking $200 billion in profits.
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