U.S. oil production dropped to the lowest...

U.S. oil production dropped to the lowest level in a decade during 1987, falling by more than 10% from the year before, the American Petroleum Institute said. Despite a modest increase in oil prices during the year and a major increase in production in Alaska, total production fell by more than 900,000 barrels a day, the trade association said. Crude oil output in the lower 48 states plummeted to the lowest level since 1952, it said.

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