The cheapest way to store oil is to keep it in the ground, not on tankers or landbased storage fields. It seems like an opportune time for a future that allows for more eco-friendly options + technological advancement to be more price-competitive against future oil prices. There will be a backlash to the dismantling of industries unnecessary commodities, its a really interesting time to watch the oil market. We’re likely going to see lobbyists pushing hard to start using eminent domain to procure properties that are national parks, etc. I recall reading some article that said that RuPual owns a lot of land in Wyoming that he leases to various oil companies, that’s a tangent but somehow worth mentioning.
“In Texas, the idea of a state intervention would have been unimaginable to most people just a few months ago, even though it’s not without precedent. Somewhat confusingly, the Texas Railroad Commission oversees fossil fuel extraction, and has the power to limit crude production under a law dating back to the 1930’s. It hasn’t done so since 1972.”