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U.S. Oil Exports Set Record High
Exports of crude oil by U.S. producers climbed to an all-time high of some 2.6 million barrels per day last week, says the U.S. Energy Information Administration.
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Exports of crude oil by U.S. producers climbed to an all-time high of some 2.6 million barrels per day last week, the U.S. Energy Information Administration reports.
Shipments were up about 35% from the prior week and compared with 1.5 million bpd a year ago. EIA notes that domestic petroleum production last week also set an all-time record of 10.7 million bpd.
U.S. producers have been able to sell more crude overseas because of self-imposed reductions on output by the Organization of the Petroleum Exporting Countries, along with Russia and several other producers.
But U.S. gasoline prices have been rising in spite of plentiful domestic petroleum supplies. The national average price of a gallon of regular-grade gasoline today is $2.90, according to AAA. The average has increased by 6 cents per gallon over the past seven days, 18 cents in the past month and 56 cents since this time last year.
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