US Oil and Gas Production Set to Break Record in 2023
United States projected to extract 12.9m barrels of crude oil while countries at Cop28 push for an agreed fossil fuels ‘phaseout’.
The United States is poised to extract more oil and gas than ever before in 2023. This is coming at a time when the United Nations climate talks are pushing for an agreement to end the era of fossil fuels.
The US’s status as the world’s leading oil and gas behemoth has strengthened this year. This is even amid warnings from Joe Biden himself over the unfolding climate crisis, with the latest federal government forecast showing a record 12.9m barrels of crude oil, more than double what was produced a decade ago, will be extracted in 2023.
Records will also be broken this year for gas production, with a glut of new export terminals on the Gulf of Mexico coast facilitating a boom that will see US exports of liquified natural gas (or LNG) double in the next four years.
Tellingly, the US government expects this frenzy of oil and gas activity to continue at near-record levels right up to 2050, a point at which scientists say planet-heating emissions must be eliminated to avoid catastrophic climate breakdown. A third of the world’s planned oil and gas expansion in this period will occur in the US, a recent report found.
At the Cop28 climate summit, starting in Dubai this week, the European Union and a cadre of “high ambition” countries that range from Kenya to Samoa will push for an agreed “phaseout” of fossil fuels. António Guterres, secretary general of the UN, has called fossil fuel production the “poisonous root” of the climate crisis that should be dismantled. “Cop28 must send a clear signal that the fossil fuel age is out of gas, that its end is inevitable,” he said.
Under Biden, the US has passed its first major climate legislation, called the Inflation Reduction Act, which has spurred record investment in clean energy such as solar and wind, as well as propel sales of electric vehicles.
The US president’s administration has fashioned new pollution rules to slash emissions from cars, trucks and power plants and recently struck a renewed agreement with China, the only country that emits more carbon than the US, to do more to stem the climate crisis. US energy emissions, meanwhile, have been edging downwards and are expected to drop 3% this year, albeit at a slower rate than needed to meet its own climate goals.
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