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Press Review: U.S. shale output still surges, to add 103,000 bpd by Jan-EIA
U.S. shale output still surges, to add 103,000 bpd by Jan-EIA
(Reuters) - Oil production from the United States' biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices.
Oil production from the three main plays - the Bakken, Eagle Ford and Permian Basin - is set to rise by some 103,000 barrels per day (bpd) in January from December, the U.S. Energy Information Administration said.
That's just a hair below December's 105,000 bpd rise, and a faster rate than most months this year.
Tesla Tumbles as Gas Price Slide Spurs Demand Concerns
Tesla Motors Inc. (TSLA)'s shares have dropped 14 percent in seven trading days on growing concern that the cheapest gasoline in more than four years will damp consumer enthusiasm for the company's luxury electric cars.
A disappointing forecast of Tesla's November U.S. sales by the industry website InsideEVs.com fed the decline yesterday.
Consumers paying less at the pump may have diminished the need for vehicles that run on an electric charge and can cost as much as $100,000. Gasoline prices in the U.S. have fallen for 68 days to an average of $2.67 per gallon, according to the motoring club AAA.
Bullion Board Seen by Council as Way to Manage India Gold Demand
India, the world's largest gold consumer after China, should start a bullion board to regulate trade and a spot exchange to offer uniform prices across the country, the World Gold Council said.
The board should manage imports, encourage exports and boost infrastructure for the industry, while the spot bourse would create a national pricing structure derived from the London fixing, the council said today in a joint report with the Federation of Indian Chambers of Commerce and Industry, an industry group.
India's bullion imports surged this financial year as tax increases and a rule linking shipments to re-exports failed to curb demand among jewelry buyers and investors. The solution to meeting Indians' enduring appetite for the precious metal lies in making better use of the gold already in the country and not restricting shipments, according to P.R. Somasundaram, managing director for the council in India.
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