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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.
Cushing was established after the Land Run of 1891 by William "Billy Rae" Little. It was named for Marshall Cushing, private secretary to U.S. Postmaster General John Wanamaker. 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]
However, planning for Phase 3 (a.k.a. the "Southern Leg", "Cushing MarketLink", or "Gulf Coast Pipeline Project") of the proposed Keystone XL show that it would run 435 miles (700 km) from Cushing to Nederland, Texas near Port Arthur, where it could tie into an existing 47 miles (76 km) pipeline to the Houston area.
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From 1907 to 1930, Oklahoma and California traded the title of number one US oil producer back and forth. [1] Oklahoma oil production peaked in 1927, at 762,000 barrels/day, and by 2005 had declined to 168,000 barrels/day, but then started rising, and by 2014 had more than doubled to 350,000 barrels per day, the fifth highest state in the U.S. [2]
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The Cushing MarketLink pipeline phase started at Cushing, Oklahoma, where American-produced oil is added to the pipeline, then runs south 435 miles (700 km) to a delivery point near terminals in Nederland, Texas, to serve refineries in the Port Arthur, Texas, area. Keystone started pumping oil through this section in January 2014.
US stocks ended Friday in the red, closing out a lackluster week despite a year of historic highs.. The Dow was lower by 333 points, or 0.78%, after the closing bell.