US oil data from the US Energy Information Administration for the week ending July 22nd indicated that despite another large oil withdrawal from the SPR, increased production from our wells, and a refinery slowdown, we still needed to withdraw oil from our stored commercial crude supplies for the 4th time in 6 weeks, and for the 21st time over the past 35 weeks, mostly because of another big increase in our oil exports.
Our economy shrunk at a 0.9% rate in the 2nd quarter, a second consecutive contraction, as greater personal consumption of services and an increase in exports were more than offset by lower personal consumption of goods, a decrease in fixed investment and weaker investment in inventories, which subtracted more than 2 percent from GDP growth....
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