Small US Town Holding Billions in Black Gold

Thursday, March 5, 2015 - 16:22
Energy
Morgan Brennan & Justin Solomon, CNBC
Okla Flag

Cushing, Oklahoma, 70 miles northeast of Oklahoma City, is a sleepy town with a population just under 8,000. It's also the intense focus of every major player in the American oil market right now.

North American crude oil is pouring into Cushing, where dozens of steel storage tanks fan out from the outskirts of town, tank farms that march on for miles and connect to every major oil patch in North America through an maze of pipelines. Cushing's nickname is "The Pipeline Crossroads of the World." …

But with WTI prices plunging by half since last summer, more crude has been coming into Cushing since late 2014 than has been flowing out. And storage capacity has been filling up—fast.

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