Saturday, November 27, 2021
49.7 F
Fort Worth

Tanks are full

🕐 1 min read

Producers are pumping way more oil than the locked-down world can use, and storage tanks are filling up fast. After oil is extracted from the ground, it has to be either used or stored. But usage has plummeted since the coronavirus outbreak, with planes grounded and car trips curtailed to limit contagion. An estimated 40% of the world’s population is currently advised to stay home, according to the U.S. Energy Information Administration. Storage tanks could be filled sometime in May, despite a recent deal announced by OPEC and its allies to curtail production by nearly 10 million barrels per day, according to analysts at S&P Global Platts. In some cases, producers are renting old ships to store the oil, President Donald Trump said in a recent press briefing. “There’s oil all over the oceans right now,” he said. “The boats are all filled. ” Trump has said he may buy oil for the Strategic Petroleum Reserve to help alleviate the problem, but Congress has not appropriated the money. Meanwhile, the Department of Energy is negotiating with oil companies to use those tanks.

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate