capital spending to an estimated $55.8 billion this year, compared with $60.8 billion last year and $108 billion in 2019. Consistent with limited production increases, oil companies have cut U.S. Similarly, natural gas production has risen just slightly this year despite the huge jump in price. oil production, which started the year at 11.1 million barrels per day (MBPD) has barely moved higher to just 11.5 MBPD. energy companies to substantially increase drilling and production.
The aforementioned scenario should be a huge incentive for U.S. Natural gas prices have also doubled due to a freeze in Texas earlier this year, Gulf of Mexico storms, and hot summer weather. West Texas Intermediate (WTI) crude oil has been trading above $80 per barrel, up 67% year-to-date, and the average price at the pump for motorists has recently spiked from $2.25 to $3.40. energy companies to increase fossil fuel production. On the surface, the current environment has been ideal this year for U.S.
#Energy information administration power generation webmap drivers
Key drivers behind subpar production in this sector include pressure from investors and environmentalists along with government policies and discipline from OPEC+.
Global oil and gas output has been relatively flat this year despite the sharp rebound in energy prices, strong economic growth, and a drop in COVID-19 cases.Douglas Beath, Global Investment Strategist
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