US oil exports, OPEC production cuts lead to higher gas prices

Although U.S. oil production has increased to nearly 10 million barrels a day, the nation's crude oil inventories are down about 16 percent due to increased U.S. exports following a 40-year ban lifted in late 2015. Crude oil inventories decreased by 1.1 million barrels to a total of 411.6 million barels.

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