Something bizarre is happening off the coast of Galveston, Texas. Were you to look toward the sea in the Texas port town, you’d be subject to a oceanic traffic jam of epic proportions. Ships carrying oil have gathered along the coast in the Gulf of Mexico in such great quantities that ships approaching the port have been asked to move toward the town slowly in an attempt to ease the burden.
This phenomenon is directly tied to the huge amounts of oil stored internationally and in floating container ships across the world. As oil prices fall, stockpiles of the resource are going through the roof, and governments and companies don’t have anywhere else to store it.
This could cause the price of oil to fall catastrophically further, as supply far exceeds demand for the time being.
To see the full report on this strange occurrence, continue reading on the next page:
As the world econony slows, so goes the oil companies
Unfortunately none of those ships are laden, that’s what the red is on the hull. If they were laden you wouldn’t see the red!!
Dude, I am a boat Captain down here. The lower anchorage on any given day is a crowded place. There is no conspiracy here. The harbor has a finite amount of space. Currently, I am pushed into the bank on the ICW at Bolivar waiting on fleet space with 50,000 barrels of fuel oil. Routine stuff. Actually, these vessels loaded with oil are being paid. This is a good thing. In a few days, usually, we will be called into a dock to discharge. Ships face the same delays for the same reason. You might want to find out more about what we do before you make broad prognostications.
Looks like to me them ships sitting pretty high out of the water like they’re empty
This is wat happens when humans find sumthin of value we over produce it til it’s gone n were stuck in need
Don’t care how much oil we can drill for or produce – we haven’t built a refinery in 45 YEARS. Build three more and gas goes to $0.30 a gallon- understand now?!?