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Cushing is the delivery point for West Texas Intermediate, a blend of US light sweet crude oil streams [1] traded on the New York Mercantile Exchange [19]. Cushing's strategic position as a major hub in oil supply led to WTI's development as a significant physical market price reference or benchmark for over three decades.
A 1912 oil boom led to the city's development as a refining center, [7] with over 50 refineries operating in Cushing over its history. [8] Today, Cushing is a major trading hub for crude oil and a price settlement point for West Texas Intermediate on the New York Mercantile Exchange [ 9 ] and is known as the "Pipeline Crossroads of the World."
In 1912, the discovery well, the Wheeler No. 1 Oil Well came in near Drumright for wildcatter Thomas Baker Slick, Sr. [1]. Peak production was in May 1917 at 310,000 barrels per day, accounting for two thirds of the refinable crude oil production in the western hemisphere during that time, and provided twenty percent of the petroleum sold in the United States in 1915-1916.
Oil prices bounced around quite a bit in 2024. They rallied more than 20% at one point -- topping $85 per barrel -- before cooling off toward the end of the year. Oil was recently below $70 a ...
Cushing is a major crude oil marketing/refining and pipeline hub. [26] [27] Operating from 2010 to 2021, the original Keystone Pipeline System is a 3,461-kilometre (2,151 mi) pipeline delivering Canadian crude oil to U.S. Midwest markets and Cushing, Oklahoma.
The Seaway Pipeline was originally built by a consortium of oil industry firms formed in 1974 named Seaway Pipeline, Inc. for transferring (then) cheap foreign oil from Texas ports to refineries in the Midwest. After two years of construction, the system became operational on 23 November 1976, and pumped crude oil north until 1982. [2]
These easy New Year's appetizer recipes, like fondue bites and shrimp cocktail, will keep the party going all night as you ring in New Year 2025.
Unanswered questions remain about a fatal shooting at a Madison, Wisconsin, private school as new details emerge about the shooter’s family life and possible ties to a California man who ...