Soaring U.S. Crude Production Fuels Export Boom

Record-high crude oil production is driving a record in crude oil exports, too, as traders rush to rid themselves of inventory that they would otherwise have to pay taxes on. Reuters reported this week that average crude oil shipments abroad from the Gulf of Mexico have averaged some 4 million barrels daily since the start of the year. This is half a million barrels per day over last year's average. U.S. crude oil production recently hit an all-time high of 13.2 million barrels daily, according to the Energy Information Administration,…