‘Drill, Baby, Drill’ With Low Oil Prices?

April 11th, 2025: How will U.S. goal of energy dominance deal with low oil prices? U.S. crude oil production has grown rapidly over the last decade, even though there were some setbacks along the way. During the COVID driven demand and oil price crash, which was further exacerbated by Saudi Arabian production increases, U.S. production dropped from around 20.5 million barrels per day (Mb/d) in January 2020 to 16.2 Mb/d by April 2020. While the current situation is very different from 2020, the combination of growing uncertainty about short term oil demand, due to economic uncertainty and the production increases announced by OPEC+ have caused oil prices to decline by more than $12 over the last week. This weekly opinion will take a look at what this might mean for U.S. crude oil production and exports. Please fill in below form to continue read.