US oil production hits a new high
U.S. crude oil production hit an all-time high last week, according to preliminary government data, in another sign of the resilience of American shale drillers.US exports are also at an all-time high. What the US needs to do is get refineries to make the changes necessary to use the light crude being produced from the shale wells. That would also reduce dependency on imported oil.
The United States produced 9.62 million barrels of oil a day in the week through Nov. 3, the U.S. Energy Information Administration reported on Wednesday. That just slightly topped a high struck in June 2015, just before the oil price crash sparked a more than one-year decline that sent U.S. output to about 8.4 million barrels a day.