HomeMagazine2016March 2016, Vol. 243, No. 3United States Running out of Room to Store Oil

March 2016, Vol. 243, No. 3

In The News

United States Running out of Room to Store Oil

The United States has nearly 503 MMbbls of commercial crude oil stockpiled, the Energy Information Administration said last month. It’s the highest level of supply for this time of the year in at least 80 years. The inventories are the latest sign that the oil boom is still alive and kicking. U.S. oil production is near all-time highs despite the epic crash in oil prices from $107 a barrel in June 2014 to just $30 a barrel now. Oil stockpiles are so high that certain key storage locations are now “bumping up against storage and logistical constraints,’ according to Goldman Sachs analysts. In other words, these facilities are nearly overflowing. Cushing, OK is the delivery point for most of

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