Cushing, Oklahoma, known as the Pipeline Crossroads of the World, is facing a critical shortage of oil reserves. The U.S. Department of Energy reports that the oil tank farm in Cushing is only about 30% full, with approximately 21 million barrels remaining. However, economist Steve Agee notes that only about 1 million barrels are usable, as much of the remaining oil is not suitable for use.

Impact on Gas Prices

The low oil reserves in Cushing have led to fluctuations in gas prices, causing uncertainty for consumers in Oklahoma. The situation is further complicated by the potential Iran deal, which could impact oil prices if finalized. With over 300 million barrels of oil reserves across the U.S., the concern is that prices could skyrocket if the deal is not reached.

The oil shortage in Cushing is a local issue with national implications, highlighting the importance of domestic oil production and the need for a stable energy supply. As the situation continues to unfold, Oklahomans can expect to see the impact on gas prices and the local economy.

Original reporting: Oklahoma City News Feed (HLL/CB) — read the source article.