Oil

US oil production averaged 12.9 million barrels per day in 2023, breaking the previous and global record of 12.3 million barrels set in 2019. This along with near zero economic growth in Europe are the main reasons that gasoline at the pump has not reached four dollars. This is an election year win for Biden. In addition the reshoring has boosted economic growth in the US which leads to low unemployment. Inflation will remain over the next few years.