I am impressed by soaring oil production in the US, which rose to a new cyclical high of 7.3mbd in mid-May. This output boosts industrial production. It also has been a windfall for the railroad industry where weekly car loadings of petroleum and chemical products has soared 41% over the past four years to a record high of 43,085 units in mid-May. That activity is helping to stoke the forward earnings of the S&P 500 Railroads into record territory.

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