In October 2023, U.S. crude oil production soared to 13.3 million barrels per day, surpassing pre-pandemic levels. This impressive increase resulted from the active shale drilling in Texas and New Mexico, enabling the country to rival Russia and Saudi Arabia in crude oil exports. Experts project further growth in production, leading to unprecedented net exports. Consequently, the abundant domestic supply has contributed to lower energy and gasoline prices, despite the potential impact of rising oil prices. President Joe Biden, touting the decline in gas prices, has received backlash for taking undue credit.

Meanwhile, North Korea's military has intensified tensions on the Korean Peninsula by firing over 60 artillery rounds near Yeonpyeong Island. Alarming in itself, this act additionally violated a 2018 agreement that established a buffer zone, which collapsed in November following North Korea's satellite launch. Both sides have recently engaged in live-fire drills near their disputed maritime border, exacerbating the already unstable situation.

The Digest, 1/6/2024 @830AM, CDT

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