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March 4, 2015

U.S. is running out of places to store oil

  • Many analysts say crude is poised to fall sharply — maybe all the way to $20 a barrel — because it continues to flood into storage.
    • By JONATHAN FAHEY
    AP Energy Writer

    NEW YORK — 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.


     
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