No Room for Oil

One thing that the United States gets from other countries is oil, even though there are pipelines in various areas where oil could be retrieved. However, it looks like the United States is running out of room to store the oil that it has on hand. There are over 500 million barrels of oil in stockpiles, which is the largest amount that has been on hand in decades. Thanks to Jon Urbana for pointing out this out on Twitter. You should follow him for more updates.

This is probably why gas prices are so low, but if there isn’t anywhere to keep the oil, then why does it matter about pricing. If the oil is going to go to waste or sold to another country because there aren’t enough places to keep the barrels, then the low gas prices don’t come into play as they will simply increase in the future if the oil is sold. Instead of stockpiling oil, one idea is to tap into the lines that are available.