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:
Common when prices are rising….I believe the price is paid upon delivery of the crude oil in the ship to the refinery…..if prices are rising at the pump, the ships wait to offload until contractually required……if prices are falling, you generally see no ships waiting outside the harbor. Common sight around NYC.
Someone is pulling a fast one here as the price of gas has been rising the past 3 weeks,
Could be their waitin for thr proper dock to open
supply and demand folks nothing more nothing less.
And after the embargo, was the subsequent hostage crisis, that is till ronald reagan showed up.
Every ship I see is floating high in the water. Can’t have much in the hold
Trevor Mitchell
Where is American oil and gas station. … everywhere I stopped to get gas there’s not an American that own them… they all have a little red dot on their forehead..
There empty
So if this was back in Dec, why is it a sponsored post now? Also, put a date on your articles so people know this is not current data.