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Except In California, Where We Pay More No Matter What
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You know about all the other factors that go into the price of crude oil -- it's all about supply and demand, right? Not quite, and something I bet you didn't think about might push prices as low as $30 a barrel: storage. Storage? Yes, there's too much oil sitting around in U.S. storage facilities and there's no place to put more, and when that happens, the oil companies sell some off at low prices just to clear space, because it's cheaper to do that than to pay for additional storage (which may not even be available). It's an interesting part of the pricing process. (Marketwatch)
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