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:
So why is the gas price rising???????
Story says oil prices are plummeting. Not true, oil prices and gas on the rise.
The curse of the black oil pearl.
The storage tanks have been full for years now why are you just now discovering this.the last time I went on a cruise out of galveston I counted over 150 tankers lying at anchor waiting for there to be room for them to enter the houston ship channel. .theywere still there a week later when I returned.
Oil spill of epic proportions in the making.
Your current government administration changed laws, allowing China to directly own mineral rights , which they now do near big lake texas, and export raw crude, Hence the tankers. Now China is pumping our fracked oil and hauling it away by the tanker ship.
the fundamentals don’t support oil at the current $43 price even though U.S. rig count continues to drop. Interestingly, the USA has become the swing producer instead of Saudi because of the fracing technology
Happened in 1973. Nothing much changed! Big money boys got all their ducks in a row and, all that happened was there were no more lines at the gas stations and “even/odd” gas rationing went off!
its a BS story…. these ships in this picture are empty ?
I was looking for the date on the story but its not even date