LGX Oil & Gas, Inc. (ROAOF)

[LGL8054]

When was the last time you heard this: There’s a glut of oil in the United States. By Brian Hicks

It’s true.

There’s so much oil right now in the United States that oil produced in the Bakken was selling for $72 a barrel this past Monday.

The Canadians took the biggest hit from this supply glut. The heavy crude produced from the oil sands fell 28% YTD, dropping 15% in the past week to close Monday at $61.

This development is accelerating...

Oil production numbers for North Dakota hit another record in December and finished 2011 at an all-time high.

In fact, oil production in ND has gone hyperbolic. Take a look:

ndnoilproduction

To be honest, it’s not the supply of oil that’s the problem... it’s pipeline capacity.

The construction of pipelines literally cannot keep up with the oil being produced.