The Cushing oil hub saw another drop in its total of crude oil volume in the past week as volumes fell to about half of what it was a year ago.
The U.S. Energy Information Administration reports that the volume fell by 1 million barrels. As of March 25, Cushing held 24.2 million barrels of crude oil, down from 25.2 million barrels reported as of March 18.
The EIA said the Cushing oil hub had 47.1 million barrels one year ago, thus resulting in a 48.5% drop to this past week.
Two years ago, Cushing held 42.8 million barrels of oil. It means the amount of crude held in the past week had dropped 43.4% compared to two years earlier.