Monday, May 18, 2009
Rising reserves of unused oil put strain on storage
Oil, oil, everywhere.
It's in the storage tanks, the pipelines, and the tankers.
We go from one extreme to another...
It's in the storage tanks, the pipelines, and the tankers.
We go from one extreme to another...
In the U.K. Telegraph, Richard Spencer reports:
"Goldman Sachs estimated last week that global storage capacity could be exhausted by June. Government figures in the US, the world's biggest oil consumer, put reserves at 375m barrels, rising by 4m barrels in one week in April alone.
One estimate said that in addition 100m barrels were currently being stored in tankers at sea across the world – some of these are visible in Lyme Bay off the coast of Dorset and Devon."
