Oklahoma producers seek probe of Cushing oil supply
OKLAHOMA CITY (AP) - Oklahoma oil producers want the Corporation Commission to investigate the amount of crude oil stored at the Cushing oil terminal and its impact on Oklahoma oil prices. Spokesmen for independent oil producers told the three-member commission that regulates the oil and gas industry that millions of barrels of oil are transported by pipelines from Canada to the Cushing hub. They said Thursday that there aren't enough pipelines to move the same amount of oil to Gulf Coast refineries. Oklahoma Independent Petroleum Association chairman Mike McDonald says the oversupply has created a glut of oil at the massive terminal in Cushing and is depressing the price of Oklahoma-produced oil. Cushing is the delivery point for oil sold through futures contracts on the New York Mercantile Exchange. Commissioners took no immediate action.
Â