$10/barrel crude. Who could have seen THIS coming?
Time to have ENORMOUS strategic reservoir storage either in place or ready to receive this tide of below-market crude. just to make it disappear from the market. Once extracted, it is hard to hold much of this volume without it eventually being consumed, either by setting it on fire, or producing end market refined goods to such excess, that it can be sold for little more than cost of refining and cost of transportation.
Dairy farmers are simply dumping daily production for some kind of disposal (mostly spread on soil surface, much like liquid manure), as the dairy plants are unable to process the excess amount, because they cannot sell the product they now have on hand of cheese, pasteurized milk, yogurt, ice cream or any other processed dairy product. It is easier to dispose of excess milk than excess oil, because milk is much more easily composted into its constituent compounds than crude oil.
All we need is a temporary $30/bbl tariff on oil imports.