The United States expanded its oil storage capacity by 34 million barrels, or six percent, from September 2015 to March 2016, according to the Energy Information Administration’s latest report on the matter. The addition marks the largest such capacity growth since the EIA began collecting the data in 2011, Reuters reported on Wednesday. Industry insiders had feared storage capacities would fail to keep up with the speed of American oil and gas production. Low oil prices have led American oil reserves to swell over the course of the past two years. The 15 percent increase in fuel storage has pushed crude oil storage utilization levels to a record high of 73 percent for the week ending June 10th. The fires in Alberta, Canada and reduced output in the United States have led crude oil stocks to decrease, spurring a price increase, albeit with limited effect. The […]