It's Another Ugly Day for Oil

[Purveyor]

by Dashiell Bennett
8:05 AM EDT March 13, 2015

Why the U.S. May Run Into an Oil Storage Problem

The price of oil is falling again.

The price of a barrel of West Texas Intermediate crude dropped around 2 percent on Friday morning. At just over $46, it's not that far away from its low for the year.



And here's a look at the long slide it's taken over the past 12 months.

Despite falling prices and declining rig count, oil production in the U.S. continues to rise, and storage facilities are getting filled to the brim, which has caused some to speculate that further weakness is ahead. On top of all that, on Friday morning, March 13, the International Energy Agency issued a report that it is raising estimates for U.S. oil production for this year, since the large reduction in drilling has failed to slow output.

http://www.bloomberg.com/news/articles/2015-03-13/it-s-another-ugly-day-for-oil

[MANative]

1. Prices at the pump have dropped about 15 cents per gallon in the past week in my area. n/t

[cigsandcoffee]

2. Keeping oil prices low has been a real victory for the Administration.

Average Americans are feeling a lot less pain at the pumps.

[BumRushDaShow]

3. The stations around here seem to look at Brent crude

(apparently slipping below $57 bbl today) and listen to Lundberg if she says that it's going up. Am waiting for some drops after they went up 14 cents/gal a couple weeks ago.

[dissentient]

4. Don't worry, eventually it will go way way up again, and probably break records

on how much it is per gallon.

We need to find new energy sources, oil is running out.

[Brother Buzz]

5. Meanwhile, China, awash with money, is buying oil like a drunken sailor....

and building their The Strategic Petroleum Reserve