U.S. oil production hits 18-year high, Energy Dept. reports

11/8/2012 | Bloomberg

The U.S. produced 6.68 million barrels a day of oil in the week that ended Nov. 2, the highest figure since Dec. 23, 1994, according to the Department of Energy. Technological breakthroughs in drilling have helped tap shale oil resources in North Dakota and other states. "Every added barrel we make here is another barrel we don’t need from somewhere else," said Kyle Cooper, commodities research director at IAF Advisors.

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