US Is Producing More Oil Under Biden Than At Any Point Under The Trump Administration
Portfolio Pulse from Aaron Bry
US oil production reached a new all-time high of 13.13 million barrels per day in Q3 2021, surpassing the previous record set in 2020. The rise in domestic oil production reduces the likelihood of a 1970s-type stagflation, according to Comerica Bank's chief economist. However, this increase comes amid a drop in crude oil and gasoline prices. The United States Oil ETF (USO) is down about 5% in the last month, and major oil companies Exxon Mobil (XOM) and Chevron (CVX) have also seen their share prices drop.
October 13, 2023 | 2:14 pm
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NEGATIVE IMPACT
Chevron's (CVX) share price has dropped in recent weeks, despite the increase in US oil production.
Despite the increase in US oil production, Chevron's share price has dropped. This could be due to the decrease in crude oil and gasoline prices, which directly impacts the company's revenues.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The United States Oil ETF (USO) has seen a 5% drop in the last month, despite the increase in US oil production.
The increase in US oil production has not translated into a rise in the price of USO. Instead, the ETF has seen a drop in value, likely due to the decrease in crude oil and gasoline prices.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Exxon Mobil's (XOM) share price has dropped in recent weeks, despite the increase in US oil production.
Despite the increase in US oil production, Exxon Mobil's share price has dropped. This could be due to the decrease in crude oil and gasoline prices, which directly impacts the company's revenues.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100