West Texas Intermediate sank $1.12 in New York and Brent tumbled 46 cents in London on Thursday after a government report showed surging US stockpiles, adding to a global oversupply.
The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma — the price settlement point for WTI — also increased.
Some in the business are predicting prices will fall to $20 bbl before they rise again. The US is currently ranked third among the world’s biggest oil producers, after Saudi Arabia and Russia, marked by a sharp 53% increase in production in 2011.
Categories: Economics
Climate change today is all about cronyism & money 
Australian gas shortages- Govt the problem not the solution 
Free Trade? Lets have the real thing 
Sack McCully, English and the whole damn National Party 
Interesting thought.
Who will benefit most when the Oil price starts to rise again.
My guess is the people in control of the stock piles.
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