Home NEWS-WORLDNEWS-NYT-WORLD A Gusher of Oil and Fewer Places to Put It

A Gusher of Oil and Fewer Places to Put It

by staff
A Gusher of Oil and Fewer Places to Put It


The world is awash in crude oil, and is slowly running out of places to put it.

Massive, round storage tanks in places like Trieste, Italy, and the United Arab Emirates are filling up. Vast caves in Louisiana and Texas that hold the U.S. Strategic Petroleum Reserve are being topped up. Over 80 huge tankers, each holding up to 80 million gallons, are anchored off Texas, Scotland and elsewhere, with no particular place to go.

The world doesn’t need all this oil. The coronavirus pandemic has strangled the world’s economies, silenced factories and grounded airlines, cutting the need for fuel. But Saudi Arabia, the world’s largest producer, is locked in a price war with rival Russia and…



Source link

You may also like

Leave a Comment