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 ...
HAHAHAHAHAHAHAHA...deep breath...HAHAHAHAHAHAHA...
Put it back into the strategic reserves?!?! That is why they were created. Duh!
Cylindrical storage tank shortage looms. Film at eleven.
Build more railroad tank cars.
When the price of gasoline falls to near a dollar per gallon, I'll believe this prognostication.
Well ... to do that, the U.S. taxpayer would have to buy it from the various owners of the oil.
And this will bankrupt Russia, Venezuela, Iran, and possibly a few more countries set against us, so let the price fall.
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?
Ah, getting ready for war.
Hope not with the people of America though!
I think I read on FR a couple of weeks ago that the strategic reserves were at 95% capacity. I have no clue how that process is suppose to work. Does congress have to take some action to make the purchase?
I heard stories about this and speculators will lease/rent oil tankers and store the oil there off shore.
Time to make more storage areas in the salt domes of Louisiana.
Remember when prices were high years ago and the libs demanded no new drilling, but wanted to use the oil in the national reserves in the salt domes.
My gas price has gone up 33 percent - 60 cents per gallon - in the last five weeks. Just saying.
I believe the backorders for rail tank cars is years long already.
I think it was already filled with $100 oil.
Oil is way over priced. There has been a glut of oil on the World market for years and a serious amount of over production in the last two years.
Oil should be trading at $30 a barrel or less. The price at the pump should be about $1.25 - $1.50 gal. based on market conditions.
Much like the Stock Market there is an unnatural inflation going on. Be it because of Federal monetary policy or group think in the markets. It is there for all to see, but it continues.
SPR was essentially full (>95%) last time I checked. Not sure if more capacity is available.
Much of the price of ENERGY is in TAXES................
Do taxes go down?... The last thing the American federal givernment NEEDS is more MONEY....
Taxing ENERGY is quite STUPID.. economically..
ANYONE wanting to tax energy should be....... UGH... lets say, TALKED TOO..
in a very direct way..
A few years ago would have been in time, not starting now.
Also I see the SPR as large enough. We need more pipelines to move oil from producing areas to refining areas.
Oh no! It's the Great Crumbling Cylindrical Storage Tank Infrastructure Crisis of 2015! We must throw money at it immediately, or else.
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