Posted on 03/03/2015 10:46:56 AM PST by Red Badger
The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
If this keeps up, storage tanks could approach their operational limits, known in the industry as "tank tops," by mid-April and send the price of crude — and probably gasoline, too — plummeting.
(Excerpt) Read more at news.yahoo.com ...
That’s a very strange comment given your other comment, but OK.
Yup. My first thought too. War is coming very soon.
especially if the Soviets feel (know) that this is a manipulation to destroy them.
Don’t know how desperate they (their power structure/oligarchs) become with long term low oil prices but sometimes desperate people take dangerous actions.
wasn’t trying to be smug regarding your comments which I believe are accurate.
Who’s talking tiny? And you mean to tell me we, as the most industrialized nation on earth practically, couldn’t manage to fabricate storage tanks fairly quickly? Just think of the added jobs that would create as well
Where do you think this increase in supply has come from?
SoCal is up to $3.50, was at $2.09 6 weeks ago, at my house in AZ it is $1.99 STILL
Oh no. We need to make sure the US producers is paid less than a foreign producers. < /sarc>
That way we will get less investment in the US for oil production. That lines up with the Democrat goals.
If you think we have storage tanks that can be moved to private homeowners property, you are talking tiny compared to the issue.
couldn’t manage to fabricate storage tanks fairly quickly?
You don't understand the volume, or the transportation issue.
The runup from when I began accumulating in January of 2013 was nice... lately the shorts have shown up and I am just tired of waiting for the bottom to drop out.
Silly me. How could such a simple solution to such a good problem make any sense to our fedgov?
;o)
If this keeps up, storage tanks could approach their operational limits, known in the industry as “tank tops,” by mid-April and send the price of crude — and probably gasoline, too — plummeting.
...
That’ll give the insiders enough time to dump what’s left of their energy holdings.
[[If you think we have storage tanks that can be moved to private homeowners property, you are talking tiny compared to the issue.]]
No, I’m thinking ‘assembled on location’
[[You don’t understand the volume, or the transportation issue.]]
Hmmm, didn’t realize it had to be done in one day
I’ve been waiting, and waiting, for the retail prices of goods to drop. HA! They go up instantly. The only problem with capitalism is greed.
Frack a well..starve Islamic terror
Better bumper sticker than drill baby drill
So you have no problem with massive layoffs in the oil and gas industry?
[ Unfortunately, our dear President probably wants those very countries to do well, so we can probably count on him figuring a way to stop it. Maybe an executive order tax on oil? ]
They will pump it into water wells as a “carbon offset’ then claim that fracking is killing ground water... win-win for the aqdministration....
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