U.S. crude oil production climbed to 8.215 million barrels per day in the week ending March 14, the highest level since May 1988, according to an Energy Information Administration report. The 15% increase from a year earlier was attributed to horizontal drilling and hydraulic fracturing in shale formations. "Shale crude is really a great bright spot. We are going to see more oil production in the U.S. and less imports," said Michael Lynch, president of Strategic Energy & Economic Research.
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