We Can Fix Climate ChangeThe U.S. is produced more oil than it ever has in 2023, according to the U.S. Energy Information Administration. In fact, this record marks the most oil ever produced in a year by any country in the history of the world. Both the oil and gas industry and the renewable energy industry are receiving billions of dollars in government support, primarily via subsidies. The Inflation Reduction Act is providing $369 billion to combat climate change, and $270 billion will be delivered through tax incentives.
“We’re building out the infrastructure for clean energy, but we can’t retire the infrastructure for oil because we’re still using it,” Amy Myers Jaffe of New York University’s Energy, Climate Justice and Sustainability Lab, told CNBC. Here’s how the U.S. became the largest oil producer of all-time in 2023 — and what that means for the green energy transition.
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Summary
The U.S. is producing record oil levels, driven by technological advances and tax incentives, while transitioning to renewable energy amid climate concerns.
Highlights
- 🌍 U.S. oil production reached 13.4 million barrels a day, a historic high.
- 💰 Big oil companies made nearly $173 billion in profits in 2023.
- 📉 Tax breaks incentivize domestic drilling amidst climate change challenges.
- ⚡ Renewable energy companies face challenges as tax credits are uncertain before the 2024 election.
- 🔍 Fracking technology significantly boosted U.S. oil and gas production.
- 🌐 The U.S. is a major oil exporter, reshaping international oil markets.
- 📊 Government subsidies for fossil fuels and renewables create a complex energy landscape.
