I read between 500 and 700 gallons / car, and 10,000 - 20,000 cars. Does anyone have an exact figure? Taking the lower of those two numbers, 500 bbl / car * 10,000 cars = 5 MMbbl -- about 1 day's worth of US oil. An insignificant amount? If so, then why? Is it cheap?
I read Cushing US storage capacity is at 70 MMbbl and that it was recently filled to 68.8 MMbbl. Is the news wrong?
I read US Strategic Petroleum Reserves is apparently nearly maxed out at 700 MMbbl. A lot of oil.
I may be new and uneducated (GED), but it seems that maxing out on storage is indicative of a whole lot of buying; and it is speculative buying based on expectations that the price will be higher in the future. Increase in demand drove price up. I think temporarily, http://finance.yahoo.com/news/oil-nears-40-bets-rising-140600926.html