Increasing Domestic Oil Production will Help Keep a Lid on Energy Prices

Feb 21, 2023 | Macro Insights, No Bull Economics

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The U.S. Energy Information Administration (EIA) forecasts that the U.S. benchmark West Texas Intermediate (WTI) crude oil price will average $77 per barrel (b) in 2023 and $72/b in 2024, down from $95/b in 2022. That’s very good news for consumers!

Crude Oil Key Points

The EIA forecasts that crude oil production in the U.S. will average 12.4MM barrels per day (b/d) in 2023 & 12.8MM b/d in 2024, up from the 11.9MM b/d 2022 average and surpassing the previous record of 12.3MM b/d set in 2019.

Crude Oil Outlook Graph
Crude Oil Outlook Graph
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