Continuing the thread, it turns out we’re pumping so much oil we don’t know where to put it:
Never before has the U.S. had so much oil spurting up out of the ground and sloshing into storage tanks around the country. There’s so much oil that the U.S. now rivals Saudi Arabia as the world’s largest producer.
But there has been some concern that the U.S. will run out of places to put it all. Some analysts speculate that could spark another dramatic crash in oil prices.
Oil is down a little bit today. Sources for oil can be found here and here. Of course, prices vary by location; and so do costs. If the price drops below the cost, then the more expensive sources will shut down until it becomes economical to restart, per standard theory; of course, the costs of stopping and starting must also be figured into such decisions.
Not to mention strategy, politics, and pride. I don’t see Russia stopping production just because it might cost more.
