Posted on 03/03/2015 2:26:05 PM PST by BeauBo
NEW YORK (AP) — 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.
(Excerpt) Read more at news.yahoo.com ...
excess can also be pumped back INTO the ground for later retrieval
He's being sarcastic. Google peak oil.
I think Diesel is good for a year or better.
Well, two days ago in Cincinnati the price was $2.12/gal and today they are $2.39/gal.
Same here, prices are steadily rising.
This would be beyond peak oil in can we use the empty five gallon buckets bakers have left over after we fill all the tankers off shore and the rail tankers that W.B. can spare from his pipeline on wheels operation.
Oil traders are going to be stressed accordingly. Counting all those five gallon buckets won’t be easy.
“prices are steadily rising.”
Looking ahead a few weeks/months.
We are just coming out of the seasonal cutover of refineries, which causes a temporary shortage of refined products, while they retool and do maintenance.
That is ending, and inventory of crude is hitting an eighty year high.
Everywhere but California.
Gas prices soar in California as supply shrinks
http://finance.yahoo.com/news/gas-prices-soar-california-supply-shrinks-213436057—finance.html
Thanks for the info.
There’s plenty of oil to invade, occupy and denazify Iran then.
Peak storage.
Hmmm, maybe another coffee will help me lighten up a bit...
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