Report: U.S. Oil Output Nears New Record by ’16

U.S. crude oil production will approach a record by 2016, climbing to the highest level in 46 years as rising output from shale formations lifts domestic supplies, reducing the nation’s need for foreign oil. Bloomberg reported that domestic output will grow annually by about 800,000 barrels a day to 9.5 million in 2016, nearing the [...]