U.S. domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. And it conflicts with oft-repeated Republican talking points of a Biden “war on American energy.” U.S. oil production in the first week of October his 13.2 million barrels per day, passing the previous record set in 2020 by 100,000 barrels.
Rite Aid has filed for Chapter 11 bankruptcy protection and says it will begin restructuring to significantly reduce its debt. The company says it reached a deal with creditors on a restructuring plan that includes evaluating its retail footprint and closing underperforming locations. The drugstore chain has been dealing with slowing sales, mounting debt and a slew of lawsuits that allege the company helped fuel the nation’s opioid epidemic.
Futures are on the rise after stocks closed mixed on Friday. The Dow Industrials added 39, but the Nasdaq dropped a sharp 167 and the S&P 500 fell 21.
