Daily Energy Report
Trump’s oil challenge, Russia’s gas to Europe, EU gas shock to consumers, Moldova’s gas & musical chairs, Iran oil tycoon & sanctions, Turkey power to Syria/Lebanon, India oil purchases, and more.
December 30, 2024
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We wish you a happy, healthy, and prosperous New Year!
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Chart of the Day: Can the Trump Administration Increase US Oil Production in Large Volumes as It Did During Trump’s First Term?
Summary
US crude oil production increased to an all-time high in 2024. It is higher than the pre-COVID-19 level in 2018 by about 1 mb/d. President Trump and his team promised to increase US oil production significantly, with some suggesting by as much as 3 mb/d. The question is: Can the Trump administration increase US oil production in such large volumes as it did during Trump’s first term? Discussion below:
EOA’s Main Takeaway
Can the Trump administration increase US oil production in large volumes as it did during Trump’s first term?
No. The years 2025-2028 are not qualitatively like the years 2017-2020 for several reasons: