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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.
The Cushing Oil Field, also known as the Cushing-Drumright Oil Field, is an oil field in northeastern Oklahoma, part of the Mid-Continent oil province.The 10-mile (16 km) by 3-mile (4.8 km) field includes southeastern Payne County, northwestern Creek County, and northeastern Lincoln County.
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]
Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma ...
Giant oil storage tanks in Cushing Oklahoma Oil Crossroads of the World where most of the WTI oil in the USA is stored and traded. (Susan Vineyard via Getty Images) (Susan Vineyard via Getty Images)
The town of Cushing, Oklahoma is a small, remote place with only 7,826 inhabitants (according to the 2010 Census). [15] However, it is the site of the Cushing Oil Field, which was discovered in 1912, and dominated U.S. oil production for several years. The area became a "vital transhipment point with many intersecting pipelines, storage ...
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.
[2] [b] Slick moved his operation to Cushing, Oklahoma, about 35 miles (56 km) away. The Cushing Independent encouraged land-owning readers to deal with Slick. In January, 1912, The Shaffer and Slick group spudded in ("spudding" is an oil industry term meaning the beginning of actual drilling operations) [3] its first well on the farm of Frank ...