BP’s Stunning Warning: “Every Oil Storage Tank Will Be Full In A Few Months”

It was just last week when we said that Cushing may be about to overflow in the face of an acute crude oil supply glut.

“Even the highly adaptive US storage system appears to be reaching its limits,” we wrote, before plotting Cushing capacity versus inventory levels. We also took a look at the EIA’s latest take on the subject and showed you the following chart which depicts how much higher inventory levels are today versus their five-year averages.

Texas wants its gold back inside the state’s borders

AUSTIN, Texas (AP) — Forget Fort Knox or the Federal Reserve. Texas has decided to start keeping its gold holdings within in its own borders. But what makes sense politically in such a sovereignty-loving place is creating a logistical conundrum.

Texas is the only state that owns an actual stockpile of gold, according to public sector and financial industry experts – not just gold futures or investment positions, but approximately 5,600 gold bars worth around $650 million. The holdings, stored at a New York bank, for some harken back to century-old fears about the security of currency not backed by shiny bullion.

NOAA Employee Charged With Computer Breach Met Senior Chinese Official in Beijing

This is a new development in what was previously posted, showing the level of access and its official state support.

 

A federal weather service employee charged with stealing sensitive infrastructure data from an Army Corps of Engineers database met a Chinese government official in Beijing, according to court documents that reveal the case to be part of an FBI probe of Chinese economic espionage.

Xiafen “Sherry” Chen, an employee of the National Oceanic and Atmospheric Administration (NOAA) office in Ohio, was arrested in October and charged in a federal grand jury indictment with illegally accessing the Army’s National Inventory of Dams (NID).

The NID is a sensitive database containing information on all U.S. dams. U.S. intelligence officials have said the database was compromised by Chinese hackers in 2013 as part of covert efforts by Beijing to gather sensitive information on critical U.S. infrastructure for possible use in a future conflict.