A friend who works in the oil industry was telling me today the problem is bigger than we think, apparently these oil wells have ongoing costs and even at low oil prices it is better to keep pumping than stop. Seems crazy to me but what do I know?
The other problem is because the world normally consumes x amount of oil on a daily, weekly and monthly basis there is enough storage to take the peaks and troughs out of the system but apart from each countries reserves for emergencies there is no magic way of storing it.
The problem is once you have every bulk storage, tanker and vehicle filled with fuel and oil where else do you store it?
He reckons that there is enough storage for about another month to 6 weeks but if this goes on for several months they will have to shut down some of the oil wells so it will take time to get back to where they will need to be once the world gets back to normal.
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