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:
And yet the price of my gasoline went up another quarter yesterday. Was 2.30 in northern ohio. I remember paying 1.65/gallon in 2000 when oil was 75/barrel…. seems theyd rather spill the oil into the gulf than drop the price for consumers.
The LOWEST gasoline has cost here in ohio over the last ten years is 2.05/g…and that only lasts a day or two before its back up to the 2.25-2.30 range.
Though it was as high as 4.50/g a few times. But as long as BP makes its record profits i guess its all good…
One day while flying into Houston Hobby, I counted 43 “parked” off the Galveston Coast
Why all the shock and dispair now…this has been going on for years. It’s not supply and demand that kept oil prices high…it was the speculators and traders keeping the price artificially high…
Darin Short Exactly! Then they eat out less, buy fewer products, wives don’t get their hair and nails done. Now the little guy is affected in a big way.
gas went up but the ships full of oil have no where to unload it so why did prices go up? Price manipulation…thats why
Why is Truth and Action on the WAG and Fear Mongering side of this discussion?
They are all empty
Guess we know now why the price of gasoline suddenly went back up from a low of $1.25 to $2.00 in a short time with no reason to hear of. Let’s control that oil and spike the prices.