U.S. Running Out of Room to Store Oil; Price Collapse Seen
Source: Associated Press
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. 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.
"The fact of the matter is we are running out of storage capacity in the U.S.," Ed Morse, head of commodities research at Citibank, said at a recent symposium at the Council on Foreign Relations in New York. Morse has suggested oil could fall all the way to $20 a barrel from the current $50. 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.
Multiple Factors Involved
The national average price of gasoline is $2.44 a gallon. That's $1.02 cheaper than last year at this time, but up 37 cents over the past month. Other analysts agree that crude is poised to fall sharply -- if not all the way to $20 -- because it continues to flood into storage for a number of reasons:
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Read more: http://www.dailyfinance.com/2015/03/03/america-lacks-room-store-oil/
= new reply since forum marked as read
When gas prices were high, they said: ''You can't blame President Obama. He has nothing to do with oil prices!''
Now you want to give him credit for causing an oil glut and prices tanking?
- More of that ''Change we can believe in'' I see......
Really they are too funny. I guess I should have used this 
...you should have.
to provide all the free methane to run a small vehicle. Just change your diet to all beans.
At least to flies and their baby maggots! 
Between $3.20 - $3.60 for a gallon of regular
There is no encouragement to drive a big car here by yourself
- That way you just need a hose to put out the window so you can fill your car up at the kitchen sink.
K&R
So, gas prices go down for a maybe a year or so, if we're lucky, and folks go out and get
that shiny new dinosaur vehicle they've been having wet dreams about.
?zz=1
I love 'Murka!!
You know, 2 "Oil-types" standing next to a wild river area (on one side of the panel),
with massive trucks coming in behind them on the other side, and one, smiling smugly,
says that line to the other one.
You gotta' find a cartoonist.
to other uses.... But IMHO, I swear the individual station owners/franchisees listen to the business reports and raise prices based on what they hear... I used to cringe every time I'd hear Trilby Lundberg's "Lunberg Gas Price Survey" report (apparently via a subscription taken out by our news radio station) where she would almost always predict prices going up, or they had bottomed out and would go up. And sure enough, a day or 2 later, up went the prices at the local stations (although they can only raise them once a week in this state). Of course the few times when the prices plummeted, the same stations were slow to lower them (and when they did, it was by mere pennies vs the 10 cents or more per gallon rises). The most recent month, I haven't heard the report mentioned much at all anymore...
And as a sidenote to that, i just stumbled up this about the Lundberg siblings fight! OMG! Talk about familial cognitive dissonance! 
Oil and Anti-Oil
Thursday, March 3, 2011
By Barney Brantingham (Contact)
BROTHERS VS. SISTER: Jan Lundberg, of the famed Lundberg gas-price survey family, rode his bike up to my house in the pouring rain to talk about a real-life Santa Barbara soap opera. Jan, an anti-oil environmentalist who advocates tearing up pavement, is suing his famous “prophet of the pumps” sister Trilby Lundberg and others over the alleged wrongful death of their mother, Mesa, in 2008.
<...>
In a 2006 Associated Press interview, Trilby confessed that she didn’t know how many miles per gallon her Mercedes got and pooh-poohed the idea of global warming. I left messages for Trilby with her staff at her Camarillo office but got no reply.
Jan, 58, who lives on a sailboat near Portland and who tore up the driveway of his former home and replaced it with a garden, named Trilby and eight other defendants as allegedly negligent in the death of Mesa, who spent seven years in a Goleta nursing-hospice-respite home.
<...>
Trilby, in the 2006 AP story, told of being brought up to play classical piano and said she had no formal business training. “I’m without a mortarboard on my head,” she said. “I’m self-made or lucky.” She balked at suggestions that she is a tool of the oil industry and condemned the “overzealous meddling” of the Environmental Protection Agency and other federal agencies. Gas and engine modifications aimed at reducing emissions are more to blame for gas price hikes than OPEC, she claimed.
Gimme a break, all these stories favor big oil.
And yes, I grew with the oil business and know that lower prices depress the industry. I saw all the effects of what Reagan did when he jumped in bed with the House of Saudi and promised 'cheap gas.'
Of course he wasn't their first running buddy. The energy industry whining now is not the same animal that 'Morning in
America' Reagan ruined.
And those were union jobs, quite a pattern there.
How 'things' have changed in 6 short years
