U.S. Oil Output Reaches Highest Level Since 1970

Government figures show monthly production breached 10 million barrels a day

U.S. oil production surged above 10 million barrels a day in November for the first time since 1970, according to Energy Information Administration data. At 10.038 million barrels a day and rising, the U.S. may soon challenge oil giants Saudi Arabia and Russia for the crown of world’s biggest producer. West Texas Intermediate crude is trading above $64 a barrel, a price that could spur even more drilling.

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