Last week, US oil production reached a new historic high, hitting 13.3 million barrels per day.

This surpasses the previous record set in November at 13.2 million barrels per day and exceeds the pre-pandemic peak of 13.1 million barrels in February 2020.

The consistent growth in US oil production has played a significant role in keeping prices in check.

Despite geopolitical tensions in the Middle East and a robust US economy, the commodity has experienced an 8% decline year-to-date.

This trend has benefited consumers at the pump, as the average gas price has steadily decreased to $3.12 per gallon, according to the latest data from AAA, Yahoo News reported.

The United States maintains its position as the world’s largest oil producer, surpassing Russia’s daily production rate of 9.5 million barrels and significantly outpacing Saudi Arabia, which produces 9.1 million barrels per day.

Written by B.C. Begley