The growing backup of crude oil nationwide has resulted in an increase at Oklahoma’s Cushing Hub where crude oil flows from across the nation.
The U.S. Energy Information Administration reported Cushing now houses 31.4 million barrels of crude oil, a gain of more than 6 million barrels since the end of December 2022.
The newest total was recorded as of January 13 of this year and was more than the 27.8 million barrels reported on January 6, 2023. At the end of December, the EIA recorded 25.3 million barrels of crude oil at the Cushing Hub.
Figures showed that at the end of January 2022, Cushing held 30.5 million barrels of crude oil. The highest amount held in storage in recent years was 65 million barrels recorded in May 2020.