, Columnist
Buyer Beware: Oil Stockpiles Are Enormous
Enough oil has gone into storage to drive every U.S. truck around the world five times.
Drivers return to the roads, but there’s a long way to go to reach normal.
Photographer: Will Warasila/Getty Images
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Remember negative oil prices and the fear that every storage tank on the planet would get filled to the brim? That seems a long time ago, with West Texas Intermediate crude now hitting $40 a barrel and the buildup of stockpiles poised to go into reverse. The warning sent by that trip below zero was heeded. Oil production was slashed and the crisis averted.
But if you were hoping for a quick, V-shaped recovery in oil demand, look away now.