How The U.S. Is Pumping More Oil Than Any Country In History

The 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. Chapters: 0:00 Introduction 01:32 Ch. 1: Record oil production 04:37 Ch. 2: Government support 07:17 Ch. 3: Renewables transition 11:26 Ch. 4: What’s next? Produced and Edited by: Andrea Miller Animation: Christina Locopo Supervising Producer: Lindsey Jacobson Additional Footage: Getty Images » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to master your money this fall? Sign up for CNBC’s new online course. We’ll teach you practical strategies to hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for an introductory discount of 30% off, now extended through September 30, 2024, for the back-to-school season: https://cnb.cx/3WiasGB Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC How The U.S. Is Pumping More Oil Than Any Country In History