Biden Energy secretary says US will be at ‘record’ oil production next year

Energy Secretary Jennifer Granholm on Sunday said the U.S. will see “record” oil production starting next year.

Granholm told “Fox News Sunday” host Trace Gallagher the U.S. will be producing around 12.7 million barrels per day by 2023, up from the current rate of less than 12 million barrels per day.

“This is all about supply and demand. When Russia invaded Ukraine, that pulled millions of barrels off of the global market,” she said. “Since oil is traded globally, we have to make up for that lost amount of fuel.”

The Department of Energy previously predicted that oil production would rise to record levels in 2023, according to Fortune. The previous record for domestic oil production was 12.2 million barrels per day in 2019.

After record highs earlier this year, gas prices fell more than a dollar to a national average of $3.90 per gallon.

Granholm said on Sunday that President Biden’s release of 1 million barrels of oil a day from the Strategic Petroleum Reserve and his call for the oil sector to increase production were vital to lowering gas prices across the country.

“The release of a million barrels per day is the biggest tool at our disposal,” Granholm said. “That’s why the president has called for this increase in releasing and increase in production.”