Anticipates restocking global oil market without Russian supply.
Energy Secretary Jennifer Granholm recently said the United States is set to produce around 12.7 million barrels of oil per day in 2023. Thus far in 2022, the U.S. is producing less than 12 million barrels per day. The previous record for domestic oil production was set in 2019 with 12.2 million barrels per day.
“This is all about supply and demand. When Russia invaded Ukraine, that pulled millions of barrels off of the global market,” Secretary Granholm said. “Since oil is traded globally, we have to make up for that lost amount of fuel.”
Releases from the Strategic Petroleum Reserve has been supporting the global supply, but more production is necessary to maintain lower prices.
As the Lord Leads, Pray with Us…
- For Assistant Secretary Brad Crabtree as he oversees the Office of Fossil Energy and Carbon Management.
- That Secretary Granholm would seek God’s guidance as she heads the Energy Department.
- For the president and his administration as they determine domestic energy policy.
Sources: The Hill, Reuters
