Building Boom Shows Biggest U.S. Oil Hub Hasn't Lost Its Allure
- Over two million barrels a day of new pipe capacity planned
- Storage capacity at Cushing could reach 100 million barrels
Oil storage tanks stand in Cushing, Oklahoma, U.S., on Tuesday, March 24, 2015.
Photographer: Daniel Acker/Bloomberg
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America’s largest oil hub in Cushing, Oklahoma, is growing even as producers and traders look to move surging West Texas production to the coast for export.
The U.S. petroleum industry is planning to build about 4.8 million barrels of storage capacity and as many as seven new pipelines to move oil to and from the hub. The growth is a reminder of Cushing’s significance as a key trading hub for U.S. and Canadian crudes despite booming exports, according to speakers at last week’s Crude Oil Quality Association meeting in Oklahoma City.