With demand sapped, world awash in oil

Chris Kahn

Associated Press Writers

Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room. As demand for crude has plummeted, the world suddenly finds....

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Strategy storage

Demand increase began in ‘80s