Big Red Car here talking Texas oil, y’all. One of the worst reported business phenomenon is the enormous strength of American oil production and Texas’ part in that.
As you can see, it is an impressive curve with a May 2018 monthly flow of 4,243,000 barrels per day. This is larger than any Middle East country other than Saudi Arabia. Hello, America!
Big Red Car here with gasoline prices in the ATX now at a low of $1.69/gallon at Sam’s Club in South Austin where it was about $1.49/gallon less than two months ago. It’s all about the price of oil. Wow!
Still, that is historically cheap.
Big news in the last few days out of Doha — the OPEC + Russia countries were unable to agree to freeze oil production at current levels through the end of 2016.
The fly in the ointment?
You guessed it — Iran.