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U.S. Crude Output Highest Since 1980s

Bloomberg reports that “U.S. crude production climbed to the highest level in at least three decades last week as the shale boom moved the country closer to energy independence.”  

“Output rose 0.4 percent to 8.97 million barrels a day, according to weekly Energy Information Administration estimates that began in January 1983. The EIA’s monthly data, which goes back to 1920 and is based on data collected by state and federal agencies, shows production at the highest since 1986.”  

“‘U.S. crude production continues to grow strongly,’ Katherine Spector, a commodities strategist at CIBC World Markets Inc. in New York, said by phone.”

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