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Oil Glut at Cushing Oklahoma Could Last Two Years

Blogging Stocks -- There's a big ballyhoo about oil these days. With the turmoil in the Middle East, especially in Libya, the price of West Texas Intermediate (WTI) crude oil is priced over $100 per barrel. Gasoline at the pump is almost $4.00 per gallon.

Why then talk about an oil glut? We should first look at where our oil is coming from. Believe it or not, Canada is the biggest exporter of oil to the U.S. Canada is sending so much oil to the U.S. that our pipelines and storage facilities can't handle it. Reuters reports that our key storage facilities at Cushing Oklahoma are filled to capacity and are not equipped to handle the oil flow.

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Submitted Apr 02, 2011 By: boutmuet

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Eric2448 Champion Author Pennsylvania Posts:1,131 Points:230,850 Joined:Mar 2011	Message Posted: Apr 17, 2011 3:04:04 PM Ignore Eric2448 Report Abuse Wow.
jcVA Champion Author Virginia Beach Posts:1,810 Points:387,495 Joined:Aug 2008	Message Posted: Apr 17, 2011 9:49:46 AM Ignore jcVA Report Abuse thanks prez
takethe_point Champion Author Omaha Posts:1,819 Points:122,240 Joined:Apr 2008	Message Posted: Apr 17, 2011 9:40:27 AM Ignore takethe_point Report Abuse The price of gas is now up 109% under Obama, $1.65 per gallon when he took office, today its $3.82, source, AAAdotcom. Like the imbecile said, “Under my plan, the price of energy will necessarily skyrocket.” “Change someone doing 350 mg of Phendimetrazine? a day can believe in!!!!” I KNOW, ITS ALL BUSH;S FAULT, ROFL!!!
jetskijerry Champion Author North Carolina Posts:2,105 Points:419,320 Joined:Mar 2011	Message Posted: Apr 5, 2011 1:12:59 AM Ignore jetskijerry Report Abuse Once again it looks like our country WANTS gas prices at $5.00/gal!!!!!!!
N5EXY Champion Author Austin Posts:3,724 Points:1,151,920 Joined:Jul 2004	Message Posted: Apr 5, 2011 1:09:49 AM Ignore N5EXY Report Abuse The Obama administration might last two more years also.
theshredguy Champion Author Portland Posts:1,167 Points:230,075 Joined:Dec 2010	Message Posted: Apr 4, 2011 5:20:06 PM Ignore theshredguy Report Abuse Nope, April 2
N5EXY Champion Author Austin Posts:3,724 Points:1,151,920 Joined:Jul 2004	Message Posted: Apr 4, 2011 1:12:24 AM Ignore N5EXY Report Abuse Was this April 1?
jim27106 All-Star Author North Carolina Posts:550 Points:492,000 Joined:Feb 2009	Message Posted: Apr 3, 2011 10:35:31 PM Ignore jim27106 Report Abuse We obviously need to provide for competitive avenues for Cush Oklahoma ing oil to become gas here in NC. It seems that drilling at home isn't the answer.
TMSMO All-Star Author Tennessee Posts:520 Points:93,605 Joined:Aug 2009	Message Posted: Apr 3, 2011 10:15:19 AM Ignore TMSMO Report Abuse .
neemund Champion Author Seattle Posts:4,695 Points:1,188,760 Joined:Jan 2007	Message Posted: Apr 3, 2011 1:43:41 AM Ignore neemund Report Abuse Despite environuts trying to keep the US from becoming energy independent, the US is still the world's third largest oil producer. The US imports more oil from Canada than any other location, followed distantly by Mexico and then Saudi Arabia. When the prices of oil increase, the non-OPEC producers pump as much oil as they can to cash in on the high prices before they tank again. Eventually the glut of pumped crude will put significant downward pressure on the price of crude as supply exceeds demand.
2khawk Champion Author Iowa Posts:3,302 Points:567,780 Joined:Oct 2010	Message Posted: Apr 3, 2011 1:38:44 AM Ignore 2khawk Report Abuse Time to clean house in Washington.
67Lane Champion Author Toledo Posts:3,453 Points:562,940 Joined:Apr 2010	Message Posted: Apr 3, 2011 1:36:54 AM Ignore 67Lane Report Abuse Don't be confused by this article, we are not getting more Canadian oil to the Whiting IN refinery that serves Illinois 'cause Obama admin is holding up contruction of the Keystone XL pipeline. It appears to me that the purpose of this "oil glut" article was to confuse.
Grismer Champion Author Kitchener-Waterloo Posts:6,798 Points:1,378,345 Joined:Apr 2008	Message Posted: Apr 3, 2011 1:31:56 AM Ignore Grismer Report Abuse This article clearly illustrates that even with a secure and abundant oil supply, there are other unrestricted, manipulative processes that are creating artificially high pump prices.
ILVET Champion Author Illinois Posts:13,025 Points:2,578,020 Joined:Jan 2005	Message Posted: Apr 3, 2011 1:28:59 AM Ignore ILVET Report Abuse Im confused! If Canada has all that much oil, why is the gasoline priced so high at the pumps??
Archangel00 Champion Author Mississippi Posts:1,690 Points:344,755 Joined:Feb 2011	Message Posted: Apr 3, 2011 1:27:47 AM Ignore Archangel00 Report Abuse slow news day?
vulcan96 Champion Author Ohio Posts:21,918 Points:2,745,640 Joined:Aug 2004	Message Posted: Apr 3, 2011 1:26:29 AM Ignore vulcan96 Report Abuse do some research and vote wisely in 2012 - kick out the problems.
GAS1251 Champion Author Texas Posts:3,380 Points:1,269,860 Joined:Jun 2008	Message Posted: Apr 3, 2011 1:24:59 AM Ignore GAS1251 Report Abuse More proof that the current price run-up is a cruel joke being played upon us and should have ended 2 days ago.
RENEGADEGAS Champion Author Missouri Posts:12,795 Points:1,233,825 Joined:Jul 2008	Message Posted: Apr 3, 2011 1:21:29 AM Ignore RENEGADEGAS Report Abuse Bruno44.... HERE HERE!!
Saturn93 Champion Author Salt Lake City Posts:6,996 Points:1,577,815 Joined:Oct 2006	Message Posted: Apr 3, 2011 1:20:26 AM Ignore Saturn93 Report Abuse The environmental lobby in Washington has blocked the US from even expanding our existing oil refining and transport systems, despite a growing demand.
WalkingWV Champion Author West Virginia Posts:2,379 Points:510,120 Joined:May 2008	Message Posted: Apr 3, 2011 1:19:11 AM Ignore WalkingWV Report Abuse What do the oil companies do with all those profits? Apparently not buying silly items, like pipe.
firefly09 Champion Author San Diego Posts:1,650 Points:554,215 Joined:Mar 2009	Message Posted: Apr 3, 2011 1:16:48 AM Ignore firefly09 Report Abuse Right on Bruno!
Eric2448 Champion Author Pennsylvania Posts:1,131 Points:230,850 Joined:Mar 2011	Message Posted: Apr 3, 2011 1:15:34 AM Ignore Eric2448 Report Abuse Wow.
67Lane Champion Author Toledo Posts:3,453 Points:562,940 Joined:Apr 2010	Message Posted: Apr 3, 2011 1:15:23 AM Ignore 67Lane Report Abuse Here's more info left out of this article -- From Transcanada "The proposed Keystone Gulf Coast Expansion Project is an approximate 2,673-kilometre (1,661-mile), 36-inch crude oil pipeline that would begin at Hardisty, Alberta and extend southeast through Saskatchewan, Montana, South Dakota and Nebraska. It would incorporate a portion of the Keystone Pipeline (Phase II) through Nebraska and Kansas to serve markets at Cushing, Oklahoma before continuing through Oklahoma to a delivery point near existing terminals in Nederland, Texas to serve the Port Arthur, Texas marketplace."" Extensions of Keystone XL Pipeline would take "glut" to refineries in Texas, Illinois and Michigan. But this is the pipeline that is being held up by Obama Admin.
N5EXY Champion Author Austin Posts:3,724 Points:1,151,920 Joined:Jul 2004	Message Posted: Apr 3, 2011 1:15:12 AM Ignore N5EXY Report Abuse Now THAT'S a slick story! Great idea Bruno, but I thought of it first.
judgemobile Champion Author Ohio Posts:5,767 Points:2,086,305 Joined:Nov 2005	Message Posted: Apr 3, 2011 1:12:26 AM Ignore judgemobile Report Abuse BRUNO 44: WELL PUT !!! If you run for President, you have MY vote !!!
RENEGADEGAS Champion Author Missouri Posts:12,795 Points:1,233,825 Joined:Jul 2008	Message Posted: Apr 3, 2011 1:12:12 AM Ignore RENEGADEGAS Report Abuse WHAT!! What is a story about oil doing in this forum!! What an outrage!! Oh, sorry. I see now. This is the correct place to post such a story. I was confused by the other stories posted here tonight which are all about cars.
grouch311 Champion Author Illinois Posts:6,133 Points:1,252,205 Joined:Jun 2007	Message Posted: Apr 3, 2011 1:12:09 AM Ignore grouch311 Report Abuse somebody goofed and posted a oil/gas article
TelsaOR Champion Author Oregon Posts:2,197 Points:445,860 Joined:Jan 2011	Message Posted: Apr 3, 2011 1:11:42 AM Ignore TelsaOR Report Abuse How stupid is this?
Bruno44 Champion Author Texas Posts:5,267 Points:1,414,295 Joined:Sep 2007	Message Posted: Apr 3, 2011 1:10:16 AM Ignore Bruno44 Report Abuse Need to get rid of the "glut" in DC: doe, epa, czars, bho, etc, etc, etc.
NOTSOGRN Champion Author Michigan Posts:1,514 Points:1,183,275 Joined:Dec 2007	Message Posted: Apr 3, 2011 1:07:40 AM Ignore NOTSOGRN Report Abuse . . Lay some pipe lay some pipe & lay some more pipe. [Edited by: NOTSOGRN at 4/3/2011 1:08:21 AM EST]
ericbcire Champion Author Nevada Posts:2,718 Points:908,660 Joined:Aug 2009	Message Posted: Apr 3, 2011 1:06:55 AM Ignore ericbcire Report Abuse Oil supplies have been abundant for some time, but the speculators ignore it. They're only concerned with phantom disruptions.
Tundralimited2009 Champion Author Dallas Posts:34,791 Points:1,134,725 Joined:Feb 2009	Message Posted: Apr 3, 2011 1:05:49 AM Ignore Tundralimited2009 Report Abuse Interesting
probedude2 Champion Author Akron Posts:10,718 Points:2,020,105 Joined:Jun 2003	Message Posted: Apr 3, 2011 1:05:49 AM Ignore probedude2 Report Abuse See, we've got oil coming out of our ears!
mackconsult Champion Author Portland Posts:4,189 Points:772,430 Joined:Jan 2009	Message Posted: Apr 3, 2011 1:03:51 AM Ignore mackconsult Report Abuse Wow
cbpilot All-Star Author Riverside Posts:728 Points:1,444,715 Joined:Dec 2006	Message Posted: Apr 3, 2011 1:02:30 AM Ignore cbpilot Report Abuse Let's see....too much oil. I know....that will make the price go up!
sgonza98 Champion Author San Antonio Posts:3,569 Points:582,995 Joined:Apr 2004	Message Posted: Apr 3, 2011 1:02:20 AM Ignore sgonza98 Report Abuse Glut in OK = another 20 cent hike in gas here.
mvosevich Champion Author St. Louis Posts:5,453 Points:1,108,165 Joined:Aug 2004	Message Posted: Apr 3, 2011 12:59:34 AM Ignore mvosevich Report Abuse So much for the supply and demand BS pricing.
2khawk Champion Author Iowa Posts:3,302 Points:567,780 Joined:Oct 2010	Message Posted: Apr 3, 2011 12:59:26 AM Ignore 2khawk Report Abuse These are the stories that need to make it to mainstream media. Write to the editors of every paper in the USA and get this story rolling if you want to see gas prices fall. We came together to make a difference!
PetroScopper Champion Author Houston Posts:4,880 Points:1,196,135 Joined:Aug 2008	Message Posted: Apr 3, 2011 12:56:21 AM Ignore PetroScopper Report Abuse Okay, that should eliminate a few thousand barrels from overseas, now what?
HEBster Champion Author Kentucky Posts:6,984 Points:2,019,040 Joined:May 2006	Message Posted: Apr 3, 2011 12:53:49 AM Ignore HEBster Report Abuse Yup...
trinda1 Champion Author Fort Worth Posts:1,754 Points:402,105 Joined:Dec 2010	Message Posted: Apr 3, 2011 12:51:20 AM Ignore trinda1 Report Abuse If can't handle oil flow, at least lower the price
Batman302 Champion Author Wilmington Posts:8,782 Points:1,348,475 Joined:May 2008	Message Posted: Apr 3, 2011 12:51:20 AM Ignore Batman302 Report Abuse Wow, there are too many trolls posting this time of night! I knew I shouldn't have stayed up this late.
Toppers Champion Author Atlanta Posts:7,199 Points:2,111,950 Joined:Mar 2005	Message Posted: Apr 3, 2011 12:50:53 AM Ignore Toppers Report Abuse Hadn't heard this...
Michael29644 Champion Author Greenville Posts:2,888 Points:482,200 Joined:Jan 2011	Message Posted: Apr 3, 2011 12:48:47 AM Ignore Michael29644 Report Abuse "Have obama get off his ass and increase levels of processing crude oil." Obama runs the refineries now?
dcjauburn Champion Author Sacramento Posts:8,962 Points:1,881,240 Joined:May 2005	Message Posted: Apr 3, 2011 12:48:01 AM Ignore dcjauburn Report Abuse One would think that this would cause the price of gas to drop in the US.
tml721 Champion Author Columbus Posts:10,630 Points:2,032,320 Joined:Jul 2005	Message Posted: Apr 3, 2011 12:44:07 AM Ignore tml721 Report Abuse another repeat from yesterday.
Zonk Champion Author Michigan Posts:4,659 Points:1,743,865 Joined:Oct 2005	Message Posted: Apr 3, 2011 12:43:11 AM Ignore Zonk Report Abuse Have obama get off his ass and increase levels of processing crude oil.
rippinusoff Champion Author Lexington Posts:5,589 Points:1,127,825 Joined:May 2007	Message Posted: Apr 3, 2011 12:40:24 AM Ignore rippinusoff Report Abuse glut? yes! prices down...no!
67Lane Champion Author Toledo Posts:3,453 Points:562,940 Joined:Apr 2010	Message Posted: Apr 3, 2011 12:39:56 AM Ignore 67Lane Report Abuse This article is not the complete story. We - US workers - are adding on to big refineries to handle more Canadian heavy crude. BP is spending 4 billion to expand BP Whiting Indiana refineries. Marathon is spending 2 billion on Detroit Refinery. And a new pipeline will bring more Canadian heavy crude into USA if Sec. of State Clinton will sign off and give approval to allow "shovel-ready" Keystone XL Pipeline to cross the US-Canadian border. Tens of thoUSAnds of American workers are waiting to build the Keystone XL pipeline but Obama Admin. won't allow it. Does someone have another adgenda in writing this article that hides facts? Are they trying to block the Keystone
texasvet Champion Author Texas Posts:2,634 Points:279,780 Joined:Jul 2009	Message Posted: Apr 3, 2011 12:39:13 AM Ignore texasvet Report Abuse scumpi - With all due respect, you don't know what you're talking about.