From shortage to glut, oil markets struggle to stabilize

A tightening oil supply in conjunction with a surplus in gasoline reserves is an indication that the slowing demand for oil and gasoline, a consequence of the global recession, is resulting in simply a shift in where the glut in American fossil fuel markets is being stored. Eight months ago, however, we were frantically searching the globe for places to tap for more oil; ANWR, the OCS, oil shale, tar sands, anywhere we could find it, no matter how difficult it was to extract. The prices in the commodities markets justified the exploration into new, more difficult areas of extraction. Today, it is a different story, the world cannot shut off the spigot and is running out of places to store the glut
Examiner