Houston Chronicle: U.S. crude output at new record with oil at lowest price since March
The U.S. stockpile of commercial crude oil continued to rise with the country’s record oil production estimated at 11.6 million barrels a day, and domestic oil prices are now down to their lowest levels since March.
The U.S. Energy Department said commercial crude inventories rose by 5.8 million barrels last week and gasoline stocks jumped by 1.9 million barrels. Total petroleum inventories increased by 4.8 million barrels, offset partially by a dip in distillate fuel oil, which is used to make diesel fuel and heating oils.
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WNU Editor: I have said it before but the geopolitical impact of U.S. oil production growth cannot be underestimated.