Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.