The U.S. is going to record its greatest oil production increase for any year since 1970. The domestic production will be over $5-million barrels this year. It's the highest single year production since 2004 and up nearly 7% over last year.
Of course, the U.S. peak oil production came way back in 1970. Old enough to remember 75-cent per gallon gas? Production that year peaked at 9.637-million barrels.
DUBAI DAY TWO
Dubai's financial shock has hit most commodity and stock prices. Crude oil was at its lowest level in over seven weeks, below $73per barrel. I blogged yesterday about Dubai's financial woes relating to its own peak oil crisis. Dubai's trying to position itself as a financial power as its oil runs out.