2023 brought clean energy and fossil fuels into competition like never before

Fossil fuels are ending 2023 with a bang.

On Wednesday, one week after world governments agreed at COP28 to “transition away from fossil fuels,” oil companies including Shell and Hess bid a collective $382 million for drilling rights in the Gulf of Mexico, the most for an auction there since 2015. The auction closely followed the release of data showing that U.S. oil production is now higher than in any country at any time in history, reaching about 13.3 million barrels per day in the fourth quarter.