Oil Supply Surge Brings Calls to Ease U.S. Export Ban
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U.S. oil production is nearing a record, stoking calls to eliminate 1970s-era limits on petroleum exports as analysts warn that refineries could be overwhelmed as early as July.
Aided by new drilling techniques, U.S. production will grow to 9.5 million barrels a day in 2016, close to a record, according to the U.S. Energy Information Administration’s Annual Energy Outlook that was released yesterday.