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A Key Factor Driving the U.S. Oil Boom - The Wall Street Journal

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A Key Factor Driving the U.S. Oil Boom

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Stock Market News, July 7, 2023: Stocks Close Lower After Data Showing Hiring Eased in June

U.S. employers added 209,000 jobs in June, below the 240,000 expected

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OPEC is trying to prop up oil prices by slashing output, but the efforts are being undercut by stepped up production in the U.S. and elsewhere.

Naser Ameen of the Energy Information Agency said the magnitude of the growth in U.S. petroleum production this year has been surprising. He noted one factor behind it.

“The simple answer is efficiency gains,” he said.

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