US Largest Private Oil Storage Site Nears Empty as 6 Months of War Drive Price Surge
Updated
Updated · The New York Times · Aug 28
US Largest Private Oil Storage Site Nears Empty as 6 Months of War Drive Price Surge
2 articles · Updated · The New York Times · Aug 28
Summary
Central Oklahoma’s biggest private oil hub is close to its emptiest level in recent years after companies drew down crude as energy prices climbed.
Six months of war between the United States and Iran has tightened markets, leaving the world to rely on remaining buffers that may not last much longer.
Saudi Arabia and other Gulf producers are now seeking more overseas storage away from choke points such as the Strait of Hormuz to cushion future disruptions.
US stockpile pressure is different: storage capacity is ample, but inventories are thinning, with the Strategic Petroleum Reserve recently at its lowest level since 1982.