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NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It's been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.
Originally posted by gottago
If you think back to the spring and early summer when oil was approaching $150 a barrel and gas was nearing $5 a gallon at the pump, ......................................
Originally posted by verylowfrequency
Just wait until we start buying electric cars. Then we'll be sending the greedy bastards food so their people don't starve.