The Oil Glut: It Can Be Solved in the Marketplace

THE world—and especially the U.S. —is in the midst of one of history's great oil gluts. The U.S. is swimming in oil, with excess stocks of 781 million bbl.—65 million more than last year. Oil production in Texas and Oklahoma has been chopped back drastically; Venezuela, which sends 20% of its crude production to the U.S., has been forced to reduce production even more. Canadian oil sales are in bad shape, and refinery runs of Alberta crude, which comprises 90% of Canada's oil, are at a new low of 271,958 bbl. daily. Only in the Middle East is production still climbing;...

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