(OILPRICE) — Crude oil stockpiles in the United States are at record levels and, with no place to go, oil inventories may continue to build because of the accelerating rate of production from shale operations.
The U.S. Energy Information Administration said April 23 that crude oil stockpiles along the Gulf Coast in an area known as Petroleum Administration for Defense District 3 (PADD 3) have reached more than 209 million barrels, the highest level since 1990.
Inventories at the storage hub in Cushing, Oklahoma, meanwhile, are at their lowest levels since 2009, at 26 million barrels.
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More oil is flowing to PADD 3 because of expanding infrastructure in the region.