U.S. Oil Production Breaks 20-Year High in July

Oil Refineries

Petroleum imports dipped a bit this past week, but continue to be in something of a summer swoon as the average amount of crude oil imported over the previous four-week period reached 8 million barrels per day despite a decline of  254,000 barrels per day over the past week. Distillate fuel imports were way down during the week, dipping from 115,000 barrels per day down to only 54,000.

After a slight increase in U.S. commercial oil reserves, they were notably down this week according to the Energy Information Administration’s last report, dipping by 1.4 million barrels for a total of 363.3 million barrels, which is still in the upper limit of the average range for this time of year.