U.S. oil production returns to pre-pandemic levels

U.S. production of crude oil reached the highest levels in 40 months as domestic production returned to pre-pandemic levels.

That's according to an Aug. 31 report released by the U.S. Energy Information Administration.

The U.S. produced 12.8 million barrels per day of crude oil in June, matching production in February 2020, the month before pandemic shutdowns took place, according to the EIA.

Reuters reported Monday that oil prices increased, in part due to Saudi Arabia's voluntary cuts in oil production. Saudi Arabia has consistently reduced its oil production since August 2022.

The national average for unleaded gas was $3.81 a gallon on Labor Day, according to AAA. That's a few cents more than the $3.79 motorists paid last year on Labor Day. The highest recorded average price was $5.02 a gallon on June 14, 2022.