Oil is the primary factor that determines gasoline prices in the United States, and commodity experts at Standard Chartered have predicted that U.S. oil production will not surge under Trump. According to the experts, U.S. crude production has increased by 4.7 mb/d since the pandemic-era low of May 2020; however, it’s just 0.4 mb/d higher than the pre-pandemic high of November 2019, working out to an annual production growth rate of just 80 thousand barrels per day (kb/d) over this timeframe.
