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CUSHING, Okla. – It’s no secret that Oklahoma runs on oil.
Thousands of Oklahomans across the state work for oil and gas companies.
Recently, the drop in oil prices has taken a toll on some of those jobs.
According to the site, America is running out of places to store all of the excess crude oil that it is pumping out of the ground.
Currently, oil is selling for around $50 a barrel.
The report says that stockpiles are at record-high volumes and the U.S. is accumulating one to two million barrels a day more than it is using.
Bloomberg says if oil inventories begin to fill up, the price of oil will drop further.
Bloomberg Intelligence says the biggest storage regions, Oklahoma and the U.S. Gulf Coast, will be hit the hardest.