home Finance, Oil Prices, Production, Refining U.S. running out of space to store oil – Feb. 4, 2016

U.S. running out of space to store oil – Feb. 4, 2016

 

America is pumping so much oil that it’s running out of places to keep it all.

The U.S. now has nearly 503 million barrels of commercial crude oil stockpiled, the Energy Information Administration said on Wednesday. It’s the highest level of supply for this time of the year in at least 80 years.

The sky-high inventories are the latest sign that the U.S. oil boom is still alive and kicking. U.S. oil production is near all-time highs despite the epic crash in oil prices from $107 a barrel in June 2014 to just $30 a barrel now.

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