The recent drop in oil prices is from too much supply for the demand. The production continues as countries and companies struggle to see who will survive the market pressures. In the meantime, the ammunition in this new version of an oil war is piling up in storage facilities and anchored tankers. The US is at 70% of capacity, Europe is at 90%, and Asia is at 80%. Gas prices may have just jumped up a bit in the US, but some analysts predict a drop in crude from $50 down to $20 per barrel, which is impressive considering that it was recently over $100 and inciting fears of peak oil.
“The World Is Running Out Of Places To Store All Of Its Oil” – Slate
Pretending Not To Panic 