Oil producers running out of storage space

[IDemo]

Glut caused by world slowdown leaves the world awash in crude

AP - updated 1 hour, 14 minutes ago

NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.

So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit later.

http://www.msnbc.msn.com/id/29495753/

[Jackpine Radical]

1. And thanks to the miracle of an unregulated free market,

gasoline is down under $1 a gallon at the pump.

[Trajan]

4. About 2$ in Portland OR

[Jackpine Radical]

5. Oh, dang. I forgot my sarcasm thingie again.

[gratuitous]

6. Wait . . . gas prices aren't going down

Duh-yeaaaaaah, gawrsh, ya think we're being played for chumps?

[whatdoyouthink]

2. They can

park one right out side my house - it will go up sooner then latter

[Historic NY]

3. Can't tell me that at the pump.

[orwell]

7. But of course...

...our great brilliant MBA president "W" was busy refilling the strategic oil reserve when the prices were north of $100 a barrel.

Good thing we had "oil men" in charge...

[Historic NY]

8. who in their right mind put oil in a hole in the ground for nothing.