Us Running Out Of Room To Store Oil; Price Collapse Next?

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. At that rock-bottom price, oil companies, faced with mounting losses, would stop pumping oil until the glut eased. Gasoline prices would fall along with crude, though lower refinery production, because of seasonal factors and unexpected outages, could prevent a sharp decline. Oil companies can't just get rid of it by sending it abroad, because crude exports are restricted by federal law. New storage is under construction at Cushing, and there are large storage terminals near Houston, in St.

Topics:  gasoline   oil   cushing   houston   st james   louisiana   energy department   price   crude   storage   week   fall   companies   reported   
BING NEWS:
  • Crude oil prices today: WTI prices are up 1.79% today
    What is the price of crude oil today? WTI futures traded at $80.11 per barrel, as of 9 a.m. ET. Year to date, WTI prices are up by 9.08%. Brent futures traded around $83.76/bbl, an increase of 1.61% ...
    06/18/2024 - 4:09 am | View Link
  • Oil prices stable as demand uncertainty persists
    Oil prices were stable on Tuesday, as traders awaited signs of a hoped-for summer demand boost to prop up prices even as strong supply threatens to blunt gains.
    06/17/2024 - 11:17 pm | View Link
  • Oil prices end with strong gains to build on last week’s rebound
    Oil futures edged higher early Monday, holding their ground after an initial dip following data that showed a fall in China crude demand in May.
    06/17/2024 - 8:26 am | View Link
  • Closing prices for crude oil, gold and other commodities
    Benchmark U.S. crude oil for July delivery rose $1.88 to $80.33 per barrel Monday. Brent crude for August delivery rose $1.63 to $84.25 per barrel. Wholesale gasoline for July delivery rose 5 cents to ...
    06/17/2024 - 8:26 am | View Link
  • Oil jumps, settles at highest in over a month on demand optimism
    Oil prices slipped in early Asian trading on Monday after a survey on Friday showed weaker U.S. consumer demand and as traders awaited the release of key economic data from China, the world's biggest ...
    06/17/2024 - 7:56 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More News