U.S. Crude Oil Output Hits Record in April as Refining Margins Tighten

U.S. crude oil production surged to an all-time high of 13.24 million barrels per day (bpd) in April, according to newly released data from the Energy Information Administration. The increase of 0.4% over March volumes reinforces America’s standing as the world’s top oil producer and follows months of steady gains driven by improved drilling efficiencies and  stronger prices. Texas led the charge with an output of 5.7 million bpd, up 1.6% from March, while New Mexico, the second-largest producing state, posted a 0.7% increase to…