Benchmark
Oil Production Jumps in March Even as U.S. Drilling Collapses
The flow of oil continues in the face of a sharp cutback in drilling
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The U.S. keeps pumping oil at a near-record pace, in spite of the collapse in prices over the past year and cutbacks in drilling.
Crude production rose 1.3 percent in March to the highest level since 1973, a Federal Reserve index showed Wednesday. Output was up 13.7 percent from a year ago, according to the central bank's report on industrial production. For all of 2014, the gauge of oil extraction climbed 15.4 percent.