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Are oil producers running out of closet space?

Are oil producers running out of closet space?

Oil supply running ahead of demand hasn't just pressured prices, it's also filling up storage space, potentially pushing crude toward another leg down.

Opinion:

Ian 

We have been using vehicles for 100 years, at some point it seems like it would be cost effective to just start buying up Saudi/OPEC oil and storing it in dried up wells (which there should be PLENTY of). If I was a billionaire, this is what I would do. It sounds completely absurd to throw oil back in the ground, but why not, and just sit on it for another 20 years? It is not like I am going to throw away all my classic and luxury cars within the next 100 years. The cost of oil inflation will surely outweigh additional storage costs, and the U.S. would once again control the market (besides this awesome shale elasticity currently going on). This is a scenario like William Hurst buying up all the French gold and treasures on the cheap during the time when France was in a depression.

cnbc.com

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