U.S. crude oil supplies declined for the seventh straight week, according to new data out today from the U.S. Energy Information Administration. Domestic crude supplies fell 2.2 million barrels for the week ending July 1. Domestic oil production also fell in the last week by 194,000 barrels a day, the largest weekly drop in U.S. output since October 2013.
The Senate approved in a procedural vote a federal bill Wednesday that would require food manufacturers to use specific labels on products that use genetically modified organisms. The Senate still needs to give final approval of the bill that many food companies and farmers welcome as it sets a nationwide standard for how companies must label genetically modified products.
Target’s CIO Mike McNamara said supply chain innovation is among his top priorities for the near future. In an interview with Forbes, McNamara said the retailer’s supply chain demands have “changed massively over the last five or 10 years,” and require a major investment from the business.
Apple is reportedly demanding price cuts from component suppliers in Taiwan and Japan. Taiwan-based IT companies like Foxconn Electronics have been impacted by the new demands and are responding by attempting to expand orders from other clients and improve technology.