Here is some interesting economic news…
The Port of Los Angeles moved more cargo in 2017 than in any time in the Port’s 110-year history, racking up 9,343,192 Twenty-Foot Equivalent Units (TEUs), a 5.5 percent increase over 2016’s record-breaking year. It’s the most cargo moved annually by a Western Hemisphere port.
“We are powering Los Angeles’ economy to new heights every year, because we know that lasting prosperity means investing boldly in jobs, opportunity, and growth,” said Los Angeles Mayor Eric Garcetti. “The success of our Port tells the story of a city whose moment has arrived — and we will continue pushing forward as we expand our role in the global economy.”
U.S. oil production is expected this year to surpass Saudi Arabia’s output, upending a global pecking order that has been a basis for U.S.-Middle Eastern policy for decades.
Crude output in the U.S. will likely climb above 10 million barrels a day in 2018, which would top the high set in 1970, the International Energy Agency said Friday.
The IEA, a Paris-based organization that advises governments and companies, raised its outlook for U.S. crude supply this year by 260,000 barrels a day, to a record 10.4 million barrels a day, largely a result of the recent rally in crude prices.
Saudi Arabia produces just under 10 million barrels a day, under an agreement with the Organization of the Petroleum Exporting Countries. The kingdom said it has the capacity to produce 12 million barrels a day. But it has never pumped more than 10.5 million daily and has pledged to limit output this year.