CUSHING, Okla. (AP) — The massive oil storage complex at Cushing is nearing its operational capacity as oil inventories nationwide continue to rise.
The Oklahoman reports that as of March 6th, Cushing's sprawling tank complex held more than 51.5 million barrels of oil.
The U.S. Energy Information Administration says oil inventories have grown for eight consecutive weeks as of February 27th. The buildup has averaged 7.7 million barrels a week over the eight-week period, marking the largest such increase since at least 1982.
Home to the nation's largest storage facility, storage at Cushing is up almost 25 percent over the past five weeks and 172 percent higher than the nearly 19 million barrels reported just over five months ago.
As Cushing fills, companies are sending oil to other storage facilities throughout the country.