Bullet points of Fracking led the U.S. to pump more oil than any country in history — here's what that means for the green energy transition
- The US produced more oil in 2023 than ever before, with a record 13.4 million barrels per day in August 2024.
- The increase in oil production is attributed to technological breakthroughs in horizontal drilling and hydraulic fracturing (fracking).
- The US oil production hit a low of 5 million barrels per day in 2008 before the adoption of these techniques.
- The Biden administration has led an expansion into subsidies for renewable energy projects through the Inflation Reduction Act of 2022.
- The majority of the funding for renewable energy projects is delivered through tax incentives.
- The fossil fuel industry benefits from tax incentives, such as the intangible drilling costs tax credit, which is expected to benefit oil and gas companies by $1.7 billion in 2025 and $9.7 billion through 2034.
cnbc.com_3 / CNBC U.S. by Layer3.news
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2024-09-04 13:58:09
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npub1nelllk6tl78cxdssw6u7cd47xusveq5ar59hx6uhvyzg62clp0usx935fmPublished at
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