Record U.S. Crude Production Weighs On Oil Prices

Oil prices dipped as U.S. crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. American crude oil production C-OUT-T-EIA reached a record 11.9 million bpd in the week ending Jan. 11, the Energy Information Administration (EIA) said on Wednesday, up from 11.7 million bpd last week, which was already the highest national output in the world.U.S. output has soared by 2.4 million bpd since January 2018, stoking fears of a supply glut.
The EIA also said gasoline stockpiles USOILG=ECI climbed 7.5 million barrels last week, far exceeding analyst expectations in a Reuters poll for a 2.8 million-barrel gain. At 255.6 million barrels, gasoline stocks were at their highest weekly level since February, 2017. “While (U.S. crude) inventories fell slightly more than expected, there was a large build in gasoline inventories. This stoked fears of weak demand in the U.S.,” ANZ Bank said in a note.

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Parallel, exports are also rising.... record 3.2 m/ bpd by the end of last year

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As of September 2018 the U.S. is the world leader in crude oil production....

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Citizens of Alaska get a cash / check-percentage of the oil produced there.

Wouldn't it be nice if all of us in the lower 48 also got a cash / check percentage  for all of the oil produced in the lower 48.

I could use the extra money,  as i am a poor refugee... 9_9   (ie:  i am a refugee from what is left of the American Middle Class)

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