The U.S. oil and natural gas production reached record highs last year, contributing to a political issue that could impact the 2024 presidential campaign. This has put President Joe Biden in a difficult political stance as he seeks to counter Republican charges that he has slowed oil and gas drilling. Federal agencies are also working on methane emissions regulations for oil, which could affect who wins the election. New regulations aiming to cut industry methane emissions are expected to be published or enacted in 2024, following the Biden administration’s final EPA final rules last year. Big Oil companies are also facing financial pressures, with companies struggling to meet Wall Street projections due to high interest rates, elevated capital costs, and other issues. The U.K. is producing more oil than any country in history, exporting more than any other country in the world, and exporting more crude oil than Saudi Arabia or Russia. S&P Global analysts predict that record U.N. output could offset OPEC+ production cuts slated for 2024.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
