The U.S. stockpile of commercial crude oil continued to rise with the country's record oil production estimated at 11.6 million barrels a day, and domestic oil prices are now down to their lowest levels since March.
The U.S. Energy Department said commercial crude inventories rose by 5.8 million barrels last week and gasoline stocks jumped by 1.9 million barrels. Total petroleum inventories increased by 4.8 million barrels, offset partially by a dip in distillate fuel oil, which is used to make diesel fuel and heating oils.
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WNU Editor: I have said it before but the geopolitical impact of U.S. oil production growth cannot be underestimated.
2 comments:
Truly can't be underestimated. It means the US has the domestic means to rebuild its manufacturing base on cheap energy. It means the US can return to growing at 4% annually. It means the US can grow faster and pay down its Federal debt, Clinton actually did that late in the 1990's. If the American people don't screw it up by electing a Democratic president in 2020.
Anon (1:49PM),
You are spot on. The only thing I would add is the politicians who can screw this up are not just limited to Democrats. There are PLENTY of stupid Republicans. As such and very respectfully, I don't think it is a fully complete analysis to limit it to Democrats who can screw this up. Other than this I believe you are 100% accurate. In short, this has the potential to enable the United States to become the undisputed most powerful country on earth.
WNU Editor,
"I have said it before...." You have and you really can't say it enough. I have also pointed out that the geopolitical ramifications of this are is this could help enable the United States to become the most powerful country on earth. Given how valuable this is, a number of foreign powers would probably like to seize/conquer this. As such, we will need to make sure that our military is properly deployed and is adequately strong enough to defend this.
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