U.S. Refineries Boost Oil Use to Record as Prices Plunge
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Refiners in the U.S. used the most oil ever last week, taking advantage of crude prices tumbling to a five-year low.
Plants processed 16.6 million barrels a day of crude in the week ended Dec. 5, the most in Energy Information Administration data going back to 1989. The rise occurred as futures tumbled to the lowest in more than five years after the Organization of Petroleum Exporting Countries decided Nov. 27 to maintain output levels and as U.S. production climbed to the highest level in three decades.