1. The Department of Energy reported today that US oil production surged last week to 7.827 million bpd – that’s the highest oil output in “Saudi America” in any week since May 1989, more than 24 years ago (see chart above). Domestic oil production also exceeded oil imports last week of 7.52 million bpd.
Mark J. Perry is concurrently a scholar at AEI and a professor of economics and finance at the University of Michigan's Flint campus. He is best known as the creator and editor of the popular economics blog Carpe Diem. At AEI, Perry writes about economic and financial issues for American.com and the AEIdeas blog.