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Business and Economy

Cushing Oil Storage Hub Nearing Capacity

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roy luck
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An Oklahoma town known as the "Pipeline Crossroads of the World" is again the focus of the global energy industry.

The Oklahoman reports that Cushing is home to the nation's largest oil storage facility, a complex capable of holding more than 80 million barrels of crude oil. As oil prices have plummeted over the last several months, the U.S. Energy Information Administration said companies have stockpiled about 2.2 million barrels a week at Cushing. Companies hope to sell the oil at higher prices when prices rise again.

As of Feb. 13, the facility is holding almost 46.3 million barrels, which is valued at about $2.4 billion. Brian Busch, director of oil markets and business development at Genscape, says that the facility could reach occupational capacity by April.

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