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:
This occurs around the world, oil companies have ship full of oil sit outside ports for months until oil prices go up
why do you think the iran deal was pushed through ??? just another way for the socialist in the white house to hurt america .
Kerry McCaughey No there wasn’t a shortage. If was an orchestrated effort to stop production and boom the prices and claim it was all supply and demand. Get your facts straight. I believe that we who lived it would know!
These tankers are empty. Checkout the red on the hull. If they ere full they would be lower in the water
they’re right there folks…… http://www.marinetraffic.com/
Wasn’t commenting one way or another…just giving a map. Those of us who live near the coast know that ships always anchor off until they have a berth at the refinery.
Sorry, this is NOT a concern, at least as far as oil prices are concerned. EVERY oil company, speculator and trader knows ALL ABOUT these ships and have ALREADY accounted for the excess in their pricing calculations. If you think otherwise, you do not understand commodity trading.
I know the answer. Jade Helm ran out of space to store it in the closed Walmarts. Tsk, tsk.
Reminds me of the oil crisis of the 70’s there was never shortage of oil they just wouldn’t let the ships offload.
Just funny how ignorant people are. This is very common. It takes time to offload that much oil, and there has to be open storage inland. If trucks haven’t loaded and emptied the inland storage tanks, the ships can’t offload-so they wait. It’s that simple