The increase in U.S. oil production that helped push crude oil prices lower may have hurt the industry, but that’s offset by consumer benefits, the API said. U.S. crude oil production was around 9.4 million barrels per day last year on average. That marked an 8 percent increase from the previous year, which in part led to a market that favored the supply side given global economic stress. Oil production next year is expected to decline to 8.3 million bpd as energy companies invest less, though if estimates are accurate, 2017 production would still be 12 percent higher than 2013. The American Petroleum Institute, which represents the business interest of the industry and provides it with key […]