Production in the oil-and-gas-rich Permian Basin hits records recently, juicing oil company profits and easing energy supply worries.

US Permian Basin oil production — and profits — have surged

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Production in the oil-and-gas-rich Permian Basin of West Texas and New Mexico hit records recently, juicing oil company profits and easing energy supply worries.

It shows U.S. oil companies are responding to higher prices, with increased drilling and pumping after what seemed like months of foot-dragging.

Russia’s invasion of Ukraine generated a global oil shock in 2022. U.S. crude climbed over $120 a barrel back in March, and average gasoline prices jumped to more than $5 per gallon in June.

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Source: AXIOS

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