How Surging US Oil Output Is Being Moved and Stored
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 9 February 2024
⏱️ 45 minutes
🧾️ Download transcript
Summary
US oil production has surged to an all-time record of more than 13 million barrels produced per day. But where's all that crude actually going? And how is it being handled and stored? On this episode, we speak with Steven Barsamian, chief operating officer at the Tank Tiger, a clearing house for terminal storage, and co-host of the Tank Talk podcast, about the business of moving and storing oil and its related products. We talk about what storage capacity looks like right now, how it's changed over time, plus last year's diesel shortage in the Northeast. He also describes exactly how crude oil and refined products move from point A to point B, talks about the crud you find at the bottom of storage tanks, and explains why you should definitely not keep oil in the bathtub (or on your desk) to benefit from contango.
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| 1:01.0 | Joe, do you remember that time I bought a barrel of oil? That was a classic |
| 1:06.6 | moment in a well yeah that was that was class in all of financial journalism where you actually |
| 1:14.4 | a qu- it wasn't a barrel though no it wasn't honest here let's be honest here let's be |
| 1:17.8 | honest it wasn't I I tried to buy an actual barrel it was like a gallon |
| 1:21.8 | right it was a basically a jar of crude oil. I'm really happy. |
| 1:26.1 | I didn't buy an entire barrel in the end because part of the experience of doing this was I realized how difficult it is to actually move and store |
| 1:36.7 | oil. Oil is a dangerous thing. Yeah, you had it on the desk next to us and then you left right like you left for Hong Kong or you left |
| 1:44.3 | the Rabi and left the oil and like a bunch evaporated? I'm not sure I should tell this story but I couldn't |
| 1:50.1 | figure out how to dispose of my jar of crude oil so I just |
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