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.
US running out of room to store oil

New York, New York – 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.

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.

Source>http://nairausd..com/2015/03/us-running-out-of-room-to-store-oil.html

Wow

Shoring up on cheap saudi oil

This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.

This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.

They dis it with Iran in the late '70's

Nah so e plenty reach

RevDesmondJuju:
Shoring up on cheap saudi oil

This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.

This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.

They dis it with Iran in the late '70's

Maybe other nations should try and diversify their economies instead of depending on US-Saudi feelings.

RevDesmondJuju:
Shoring up on cheap saudi oil
This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.
This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.
They dis it with Iran in the late '70's

So you are updated. That nice.

The United States stockpiling crude oil to drag price to under $20 per barrel.

major466:
The United States stockpiling crude oil to drag price to under $20 per barrel.

United States is the problem of the world. God will save us from their grip

I am loving this

it will be depleted,and they will still look for more

When we say countries should diversify their economy, they turn deaf ears. A country that is dependent on exportation of primary natural (and even agricultural) resources is subject to the manipulations of other nations.

The best and most profitable investment a country can invest in is technology. It is the driver of modern economics. The US, Germany and Japan are the most successful economies in the world today mainly because of technology. These countries can survive even if oil is $1 per barrel.

This is a more complicated politics than GEJ/GMB affairs. Nigeria should stop forthwith selling Oil to US. Nigeria should start revolutionising the use of Gas, Batteries etc for Power Generation.

RevDesmondJuju:
Shoring up on cheap saudi oil

This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.

This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.

They dis it with Iran in the late '70's

The United States was third in crude oil production at 5.1 MMbd in 2007 yet they just plainly refused to join OPEC so that they can not be regulated in terms of the amount of crude oil to be produced/day etc. (http://www.energytrendsinsider.com/research/crude-oil/where-the-us-gets-its-oil-from/)

The U.S. population is a major consumer of oil and the United States can't produce enough oil on its own to meet this demand.

In 2008, the United States produced around 4.9 million barrels of crude oil per day [source: U.S. Energy Information Administration] -- that's almost two billion of barrels of crude oil for the year! However, the United States still has to import more than twice that amount to fill its business and consumer needs.

Where Does USA Imported Oil Come From?

About Half of U.S. Petroleum Imports Come from the Western Hemisphere.
Some may be surprised to learn that almost 50% of U.S. crude oil and petroleum products imports came from the Western Hemisphere (North, South, and Central America and the Caribbean including U.S. territories) during 2006. USA imported only 16% of its crude oil and petroleum products from the Persian Gulf countries of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates.

During 2007, USA five biggest suppliers of crude oil and petroleum products were:
Canada (18.2%)
Mexico (11.4%)
Saudi Arabia (11.0%)
Venezuela (10.1%)
Nigeria (8.4%)

The United States still imports 35% of the petroleum it uses, but its oil production is on the rise while its consumption is falling.

The United States tiptoed closer to energy independence last month when — for the first time in nearly two decades — it produced more crude oil than it imported, federal officials said Wednesday.

The nation has been moving toward this milestone, because two trends are converging. Domestic oil production is at a 24-year high while foreign oil imports are at a 17-year low. The result: production exceeded net imports for the first time since February 1995, although the nation still imports 35% of the petroleum it uses.

Production has been booming partly because of hydraulic fracturing or fracking, which extracts oil by blasting water mixed with sand and chemicals underground to break apart shale rock. Meanwhile, consumption has been falling as high gasoline prices have reduced how much people drive and more efficient cars and buildings have also lowered energy use.

http://www.usatoday.com/story/news/nation/2013/11/13/us-oil-production-exceeds-imports/3518245/

Orunto:
This is a more complicated politics than GEJ/GMB affairs. Nigeria should stop forthwith selling Oil to US. Nigeria should start revolutionising the use of Gas, Batteries etc for Power Generation.

Dude wake up the US has stopped buying oil from Nigeria for close to a year now.

Good news, now our oil can rise

iamodenigbo1:
it will be depleted,and they will still look for more

It will be depleted? Says who? You? Keep dreaming.. You think the storage tanks are types in your house? Cushing, OK is known as the world's largest storage tank holding tens of millions of barrels of oil.

They've stopped themself from buying 4rm nigeria since july last year. Abi u be learner ni?

Orunto:
This is a more complicated politics than GEJ/GMB affairs. Nigeria should stop forthwith selling Oil to US. Nigeria should start revolutionising the use of Gas, Batteries etc for Power Generation.

RevDesmondJuju:
Shoring up on cheap saudi oil

This is obama's strategic economic war on Russian, Venezuala, Iran, Nigeria and Brazil.

This is not the first time US and Saudi have flooded the energy market with cheap crude in order to deliberately destabilize the socio economics of a nation.

They dis it with Iran in the late '70's

They are not shoring up on Saudi oil but on nigerian oil. they are better configured to refine more of heavy eg saudi than sweet eg nigeria. however on the continuum of sweet preferance, nigerias is their highest preference. so its kind of a bitter-sweet situation for us( no pun intended). i suggest u do some more research if you're interested but your comment is wrong.

I think it's time i need to go pitch my tent in the greatest country in the world. Seems a major economic boom is under way over there.

GOD bless America.

iiiyyyk:

GOD bless America.

God bless Nigeria.

manny4life:


It will be depleted? Says who? You? Keep dreaming.. You think the storage tanks are types in your house? Cushing, OK is known as the world's largest storage tank holding tens of millions of barrels of oil.

Lmao @ storage tank

It is of a wide opinion that its the saudis that were beind the plummeting of oil prices, so as to hurt US shale oil production.

JustCalMeDBoss:
It is of a wide opinion that its the saudis that were beind the plummeting of oil prices, so as to hurt US shale oil production.

We never can tell, let us just watch as the drama unfold.