Just the News by Joseph Curl 1/26/2021
Under President Trump, the United States became the largest producer of oil in the world.
In 2019, the U.S. produced 12,248,000 barrels per day (bpd), topping Saudi Arabia, which produced 12,000,000 bpd, according to the U.S. Energy Information Administration. Russia produced 10,800,000 bpd, while other nations in the Organization of the Petroleum Exporting Countries (OPEC) were far behind: Iraq at 4,451,516, Iran at 3,990,956 and Kuwait at 2,923,825.
But things might be changing under President Biden.
At the end of December, Saudi Arabia announced it would cut production by one million barrels per day, which will drop global supply for February by about 1%. The move is intended to reduce supply with diminished demand, which has dropped due to the COVID-19 pandemic.
Already, drivers are starting to see the effects of reduced supply. The average U.S. price of regular-grade gasoline jumped 10 cents a gallon over the past two weeks to $2.45, according to The Associated Press — and 13 cents since the beginning of the year.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that a rise in crude oil prices since November caused the increase. Meanwhile, OPEC's oil supply in January is expected to decrease by approximately 400,000 barrels per day, tanker tracker Petro-Logistics said on Monday.
More:
https://justthenews.com/politics-policy/transportation/get-ready-prices-gas-pump-go-maybe-lot
