Average oil production rose by 36 percent to around 115,030 barrels per day in the first quarter of 2025, up from 84,777 barrels per day in the same period of 2024. Average natural gas production increased by 29 percent to 501.6 million cubic feet per day in the first quarter of 2025, compared to 389.9 million cubic feet per day during the first quarter of 2024.
“While I do expect gas prices to continue trending lower, any abrupt change in the current tariff situation could eventually bring the decline to a halt. For now, the good news is that gas prices typically reach their yearly peak around April 10, so we may have already witnessed ‘peak pain’ at the pump for 2025. As refiners near the end of seasonal maintenance and supply begins to rise — and with the changeover to summer gasoline nearly complete — it’s increasingly likely that gas prices have already hit their high for the year,” De Haan continued.