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Crude oil production in Texas has jumped by a third in just 12 months, government figures showed on Thursday, with booming output driven by the Eagle Ford shale fields now outpacing growth in North Dakota.
Crude oil production in Texas has jumped by a third in just 12 months, government figures showed on Thursday, with booming output driven by the Eagle Ford shale fields now outpacing growth in North Dakota.
(iStockphoto)

CARL MORTISHED

American oil benchmark steals the show

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Who would have thought that America would become a global fuel factory? We knew that the United States was on the road to self-sufficiency in crude oil but the trade route that sucked energy into the U.S. is not just abating. It has now reversed. America is becoming a fuel export and the big trading houses are scrambling to book vessels to ship fuel from Gulf coast oil refiners to overseas destinations.