Oil storage problems.

[moneysense]

With the amount of oil needing to go out, and the amount coming into storage areas, there is now a problem with storing it all.

Stockpiles are rising at the key storage facility in Oklahoma, and the price dropped for oil, down to a 5 year low.

Brokers and traders are trying to unload supplies for whatever prices they can get.

In January, light sweet crude oil fell $2.35 to $33.87, which was a price last seen in 2004.

It is being said that an overstocked will be something that will happen for a good while to come.

Since industries and consumers are using much less oil these days, there is a problem with finding a place to store the oil.