The cost of oil storage

How much does it cost to store oil?

Above ground oil storage can cost between $15 and $18 per barrel, which is at least five times the expense compared to storing oil in other ways. A key part of the energy infrastructure is normal crude and refined product storage. Above ground storage tanks are more expensive but more convenient.

What are the different types of oil storage methods?

The oil storage methods include three aspects: storage tank, rock cavern, and salt cavern. From the cost of oil storage, it mainly includes four aspects: construction cost, operation and management cost, injection cost, and production cost.

How much does it cost to store oil in a rock cavern?

If this oil is stored in the rock cavern, the storage cost is 1.07 × 10 10 dollars, if these oil store in the storage tank, the storage cost is 2.42 × 10 10 dollars. The cost of the storage tank is about 6 times that of SCOS.

Where is the cheapest place to store oil?

The cheapest place to store oil is where it is not expected to be accessed for a while. Historically, the capital costs for such storage have been around $3.50 per barrel. We mostly use salt caverns for this purpose, making them the largest stockpile and the cheapest storage option.

What is the best way to store oil?

Large-scale oil storage needs good storage mediums, the world's main ways of storing oil include storage tanks, underground rock caverns, and salt caverns [, , ]. The storage tank is built easily due to the metal structure, but it occupies lots of lands and is easy to leak, so the risk of the oil storage tank is high .

How much does it cost to store oil at Cushing OK?

Storing oil at Cushing OK in above ground tanks can cost between $15 and $18 per barrel – or at least five times the expense. A key part of the energy infrastructure is normal crude and refined product storage. (Passage from COTW #2 and POTW #2: Storage capacity and Tanks at Cushing OK)