Thursday July 16, 2020

In Cushing, Oklahoma, oil’s not well – storage is full, prices low

Oil storage in the self-styled ‘Pipeline Crossroads of the World’ is full to the brim, but the black stuff keeps on coming. With much of the world’s economy in a Covid-19 slowdown, at one point last week, benchmark US crude oil was priced at minus $37.63 a barrel

Barry J Whyte

Chief Feature Writer

26th April, 2020
A crude oil storage facility in Cushing, Oklahoma. Crude oil prices plummeted into negative territory last week with the lack of demand due to the coronavirus pandemic Getty Images

There are fewer than 8,000 people in Cushing.

But what it lacks in population it makes up for in sheer volume of crude oil. All across the small Oklahoma town giant vats of the stuff dwarf the modest houses. The tanks can collectively store nearly 80 million barrels, which amounts to nearly a day’s supply for the entire world.

Cushing is at the centre of an enormous network of pipes that move millions of barrels...

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