Wednesday, March 4, 2015

Another Victory For America; Defeat for Environmentalists and Obama

From Yahoo News:
NEW YORK (AP) — 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.
I wonder what "executive action" Obama will come up with to solve the problem of cheap gas?

4 comments:

Jon said...

Free gasoline for life for all undocumented workers, to go with the rest of their social services?

Fidel said...

We can always take advantage of the low price and refill the strategic petroleum reserve. If we had an administration with sense, after all

Anthony said...

Well, here in California, we had one refinery blow up and another one is on strike, so the price of gas shot back up to $3.50 or so.

joated said...

They are already tossing about the idea of increasing the tax on gasoline. Don't give them any more ideas!