When oil and gas prices are up, it always makes headlines in the news. But did you know that America is currently -- and very quietly -- having an oil boom?
Oil prices have fallen for seven straight weeks -- their largest decline since 2018. The price weakness continues amid concerns of an oil oversupply and weaker expected demand next year. The U.S. benchmark, West Texas Intermediate, is currently down one percent to $70.50 dollars per barrel.
According to Axios, U.S. oil production is at a record-setting 13.2 million barrels per day, nudging past levels seen just before the pandemic.
And production isn't expected to slow any time soon. Analysts at Rapidan Energy estimate U.S. output will average 13.3 million barrels a day next year, Business Insider reported.
Meantime, gas prices have dropped to an 11-month low of $3.15 a gallon, per AAA, and are on the way to falling below $3 a gallon for the first time since 2021.
"The oil market is increasingly sensitive to indications and suggestions that the economic landscape continues to ease," Quincy Krosby, chief global strategist for LPL Financial, told Business Insider. "Weaker crude prices are reflective of a softening economy."
As for why the White House isn't highlighting the record oil production, the Biden Administration is trying to avoid criticism over its energy record as it makes countering climate change a top priority. Earlier this year, President Joe Biden signed into law the largest-ever investment in climate action, including more than $50 billion in climate resilience and adaptation.