Has U.S. Oil Output Already Peaked?
In September 2019, the U.S. became a net exporter of petroleum products for the first time. By the spring of 2020, domestic crude oil production was nearing 13 million barrels per day before the COVID-19 pandemic turned the market on its head.
The CEO of one of the largest independent producers in the Permian Basin in Texas thinks that will mark the peak for a long time to come. Matt Gallagher, the 37-year-old head of Parsley Energy (NYSE: PE), told the Financial Times, "I don't think I'll see 13m [barrels a day] again in my lifetime."
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Source Fool.com
