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U.S. Heads for Record-High Oil Production
U.S. output of crude oil averaged 10.9 million barrels per day in June and will likely average an all-time high of 10.8 million bpd for 2018.
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U.S. output of crude oil averaged 10.9 million barrels per day in June and will likely average an all-time high of 10.8 million bpd for 2018, according to the U.S. Energy Information Agency.
EIA says average output in 2019 is likely to reach 11.8 million bpd. The country’s previous record was 9.6 million bpd in 1970. Global petroleum output averaged 98.5 million bpd last year.
The agency says average gasoline prices in the U.S. peaked at $2.96 per gallon in May. EIA predicts prices will slowly decline through September, resulting in a full-year average of $2.76 in 2018. Prices in 2019 are expected to average $2.77.
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