U.S. Oil Output Plummets

U.S. oil production in the lower 48 states plummeted by more than 400,000 barrels a day in October to the lowest level since the 1950s because of the oil price collapse, the American Petroleum Institute reported today.

The nation’s petroleum imports surged by 20.3% last month from the year-earlier pace, and overall oil demand rose 2% as gasoline consumption continued to increase, the industry trade group said. The sharp decline in production in the 48 states was only partially offset by a 70,000-barrel-a-day increase in Alaska.