US Oil, Gas Hits Record Highs in 2024

In 2024, U.S. oil and gas production is presently the highest in the world, with America’s oil output breaking records and surpassing all bounds

After 2020, the United States increased its production, thereby becoming the market leader, while countries in the Middle East reduced their production. 

Compared to the previous year’s record, the United States’ oil production is expected to increase by 1.4% in 2024. 1.1% more natural gas was produced in the United States in May of 2023. The United States challenges the Middle East by making more oil than ever. 

In 2023, the average daily oil production in the United States was 2.93 million barrels. Production increased by 7.1% to 13.12 million barrels per day in 2024.  

When it comes to natural gas production, the same dominance prevails. The output of gas in the United States increased to 125.9 billion cubic feet per day (CFD) in 2024, up from 124.6 billion in 2023. In the previous year, there was a 1.1% gain. 

The event caused WTI crude price to rise to $85 per barrel despite the upheaval in the Middle East.

Despite the tensions that have been occurring around the world, WTI increased by 7% over the previous year. Thus, the United States prevented crude oil and gas prices from rising. 

As anticipated, the behaviour of oil, gas, gold, silver, copper, and currency has been seen.

The S&P 500 index and the Dow Jones Industrial Average set new highs of 39,889 and 5,200, respectively.

The event enhanced the value of a few equities, which led to profits in the first quarter of 2024.