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

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