The Energy Department recently predicted that domestic oil production, which averaged 8.6 million barrels a day in 2016, will average 9.3 million barrels a day this year
By : RisingWorld
Published On: 2017-06-11
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01:05
The Energy Department recently predicted that domestic oil production, which averaged 8.6 million barrels a day in 2016, will average 9.3 million barrels a day this year
and 10 million barrels a day in 2018, blowing past the record set in 1970.
But with winter oil and gasoline prices considerably higher this year than last, motorists drove a bit less
and domestic oil companies ramped up production to take advantage of higher crude prices.
The national average price for a gallon of regular gasoline tumbled to $2.35 on Friday, a drop of 3 cents in the past week
and more than 2 cents below last year at this time, according to AAA.
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