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:
Saudia Arabia have never cut production they are flooding the market with oil, wait till they cut production and see what happens, they are trying to destroy the wests economy……
seems the pictures would have more impact if the stock footage shown was of loaded tankers and not the empty one shown.
This happened durring the 1973 Arab Oil Embargo—there were dozens of loaded tankers waiting on the coast creating an oill shortage—–I wonder what the outcome of all this will be.
Those ships are empty. There is truth to be found without a picture. Saudi Arabia is intentionally increasing the oil supply to drive prices low enough to put our fracking industry out of business. Once that goal is achieved, prices will soar, to infinity and beyond.
Price will drop to $24-$25 before it gets better
It seems like a good time to allow the price of oil to fall, and entice business and manufacturing back to the US.
Kevin, judging by the remarks from people ACTUALLY there this is BS skeer tactics by the conspiracy theorists. Next you’ll be telling me that Obama is hiding troops in them for his take over of Texas. 🙂 Trying to drive $$$ up on oil so your GOP oilmen can get richer.
Oil tunkers r waiting to enter the port of Galveston. All ships entering the port have to wait there turn n it’s what we call a traffic jam.I have been seeing that for years since I travel to Galveston for years.
Don’t worry…they will still get their subsidies… 😉
It’s called contagion, and it dose suggest oil will continue to drop. I’ve seen $1.35 gas here and won’t be shocked if we break a buck.