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2022-01-01 Economy

U.S. crude oil production fell by 8% in 2020, largest decrease on record

[JUSTTHENEWS] U.S. crude oil production fell by 8% in 2020, the largest annual decrease on record, the U.S. Energy Information Agency reports.This plunge occurred one year after the U.S. reached a record annual average high of 12.2 million barrels a day in production in 2019.

In January 2020, U.S. crude oil production reached a peak of 12.8 million b/d. But with federal and state lockdowns halting travel over coronavirus (aka COVID19 or Chinese Plague)

coronavirus (aka COVID19 or Chinese Plague)

...the twenty first century equivalent of bubonic plague, only instead of killing off a third of the population of Europe it kills 3.4 percent of those who notice they have it. It seems to be fond of the elderly, especially Iranian politicians and holy men...
fears, demand for oil dropped and production became too expensive to maintain.

By March 2020, the oil and gas industry experienced a "bloodbath," and by April, the WTI was negative $40 a barrel for the first time in history. Prices at the pump also reached historic lows.

To stop the hemorrhaging, crude oil operators shut in wells and limited the number of wells brought online, laying off large numbers of workers, all of which resulted in significantly lower output. By May 2020, U.S. crude oil production reached its lowest average monthly volume for the year at 10 million b/d, EIA reports.

Posted by Fred 2022-01-01 00:00|| || Front Page|| [11 views ] Top

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