The price of U.S. oil prices rose to a one-month high Wednesday after a government report showed a large drop in crude stockpiles. Analysts were expecting a small increase. Light, sweet crude for delivery in July gained $1.74, or 1.7%, to $104.07 a barrel on the New York Mercantile Exchange. Also in the oil story today: Geologists have cut the estimate of the amount of oil expected to be recovered from the Monterey Shale in California by 96%. The Monterey was supposed to be the next big site of fracked shale production in America, producing vast numbers of jobs, amazing amounts of flow. Looks like the peak oil activists, who have been warning of just such a thing, are regaining some lost ground in the oil debate.
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