Cushing 50 Million, Boom & Bust Cycles, US Debt & Recession

  By EconMatters   Cushing Magic 50 Club The final EIA Inventory report for 2012 is coming out on Friday, and according to the API report, Cushing inventories increased another 2.23 million barrels to a record 49.2 million. All this build in Cushing happened even as the Seaway pipeline began pumping crude from Cushing, Oklahoma to a major U.S. refining hub in Houston, Texas in May of 2012.       The problem here is that U.S. and Canadian oil production is increasing faster and producing more oil than Cushing can build extra storage or increase pipeline capacity, and or bring new pipeline projects online from Cushing to Houston.  Oil stored at Cushing basically jumped from 30 million barrels to 50 million barrels in 2012, an increase of 20 million barrels which is just an incredible feat, just imagine if there were no pipelines pumping oil to ...