U.S. Running out of Room to Store Imported Oil

Many drivers have been quite happy over the past few months as the price of gasoline continues to remain relatively low compared to previous years. Though a recent study shows that citizens in America might be in for more lows for gas prices in future months. The United States has obtaining an extreme amount of crude oil over the past few weeks, and recent reports claim that the industry is running out of places to store the resources.

According to Associated Press, the U.S is bringing in an average of 1 million more barrels of oil every day of extra oil that is not being used. All of this oil is being placed in storage tanks that are filling up and reaching their limits, which is known as “tank tops.”

Head of commodities research at Citibank, Ed Morse, claims, “The fact of the matter is we are running out of storage capacity in the U.S.”

While the United States is storing up this crude oil with limited space, many are starting to believe that this could result in some of the lowest prices the country has seen for years.

Meanwhile consumers buying the oil and bringing it into the U.S. are saving money as well because at this time of year it’s the “off season” where gasoline is usually at its low to begin with. That is why they are trying to hoard as much oil as they can.

Some rumors are saying that prices of barrels of gasoline could drop from 50 dollars to 20 dollars, and even though companies will cease drilling, the production that is currently is process will cause the amount of gasoline to continue to store up over the next couple of months.

Photo By: AP

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