March 31, 2011 [ The Republic] - The Oklahoma Corporation Commission is looking into the supply of crude oil at the oil storage terminal at Cushing and its impact on Oklahoma oil prices.
The three-member commission will meet on Thursday to discuss whether the supply of crude from all sources, including Canada, exceeds available storage and pipeline capacity at the oil storage hub.
Oklahoma oil producers say oil shipped in pipelines from Canadian oil sands has produced a glut of crude at the massive terminal that has helped drive down the cost of oil they produce.
Two years ago, former Attorney General Drew Edmondson investigated complaints that Canadian oil was driving down regional oil prices. No action was taken.
Cushing is the delivery point for oil sold through futures contracts on the New York Mercantile Exchange.
