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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (18700)	9/13/1998 12:28:00 PM
From: goldsnow	Respond to of 116753

U.S. August Crude Oil Production Lowest Since 1954 07:31 a.m. Sep 13, 1998 Eastern WASHINGTON (Reuters) - Crude oil production in the United States averaged just 6.3 million barrels per day (bpd) in August, the lowest level for that month since 1954, the U.S. Energy Information Administration's preliminary estimates showed. Low oil prices have made it too expensive in many parts of the U.S. to continue drilling, while it's cheaper to buy crude from foreign suppliers. That trend was in evidence last month, when U.S. imports of crude averaged 9.3 million bpd -- up 700,000 bpd from last year's record high for the month. The price of crude oil futures trading on the New York Mercantile Exchange has slid 37 percent since Oct. 3, 1997, when the front-month contract traded at $22.76 a barrel. On Friday, the October crude oil contract settled at $14.34. The EIA said U.S. oil stocks at the end of August (excluding crude held in the Strategic Petroleum Reserve), totaled 332 million barrels, the highest August ending stocks since 1993. Total U.S. demand for all petroleum products last month averaged 19.4 million bpd, almost 800,000 bpd above the August record set in 1996. Finished motor gasoline demand and production averaged 8.6 million bpd and 8.2 million bpd, respectively, each a new record high for August. End-of-the-month gasoline stocks stood at 164 million barrels, 14 million barrels more than last August, the EIA said. One barrel holds 42 gallons. Distillate fuel oil demand, mostly for diesel fuel and heating oil, averaged 3.5 million bpd in August, a record high for the month. Distillate production also reached a record of 3.6 million bpd. At the end of August, distillate stocks 144 million barrels, 11 million barrels higher than last year, and the highest level for August since 1982, the EIA said. Copyright 1998 Reuters Limited