EIA: OIL $150/BARREL
Crude oil would cost at least $150 a barrel due to supply disruptions in the Middle East and North Africa were it not for rising production in North Dakota and Texas, U.S. Energy Information Administration (EIA) chief Adam Sieminski said in an interview on Wednesday.
Oil output from the oil-rich Bakken, Permian and Eagle Ford shale formations in those two states, as well as other smaller formations around the nation, has spiked in the past decade to more than 4 million barrels per day.
That new oil has helped the United States weather supply disruptions from Libya, Iraq and other one-time major oil producers…
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