Contango In Oil Markets Explained    • Playlist   • Download   •
Embed   • Transcript  The supply glut in the oil market has led
to a contango price structure, in which oil futures are priced
higher than their spot price. Lynn Cook, an energy reporter with
the Houston Chronicle, says the glut in oil supply is related to
the economic recession.   Today OPEC agreed to cut its oil
production by 2.2 million barrels a day in an effort to stem
falling prices. The White House called the action short-sighted,
but there's a lot more oil in the market right now than is being
used. How big is this oil glut? So big that oil companies are
running out of places to store their excess crude. So they're
keeping it offshore in ships. A couple of dozen supertankers
holding millions and millions of barrels of oil are being used
for storage instead of transportation. Lynn Cook covers the oil
beat for the Houston Chronicle and she joins us now to discuss
what's happening with this glut. Welcome, Ms. Cook.  Ms. LYNN
COOK (Energy Re