How $20 oil could become a reality

The U.S. oil industry could be about to find out how bad too much of a good thing can be.
 
According to reporting by Bloomberg Business, we're running out of places to put all of the excess crude the industry is producing, which could send prices tumbling to the $20 per barrel range. Currently, the U.S. is accumulating up to 2 million excess barrels per day.
 
Adding to the inventory glut is pending spring repairs and maintenance refineries performed annually, which takes about a quarter of refineries offline.  
 
The report states prices are "probably not" going to drop to $20 but that the storage imbalance is worsening and consequences include plummeting oil prices, a drastic reduction in imports and less domestic production.

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