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:
Russia is screwed
Mark Young
There has been a line of tankers offshore Galveston and Port Arthur for over 2 years now. Although there is a lot of crude stored at sea right now, the amount it has increased lately is relatively small in the big picture.
Oh the poor poor oil companies (?) Wasn’t everybody bashing the oil companies before, about the skyrocketing costs for a gallon of gas ? While the oil companies were reaping massive rewards, didnt they “put a little something back” for hard times ? Will this surplus oil spoil or go bad? Its millions of years old already right? So many questions…
A Economic collapse is on the horizon. Get ready America.
These ships look empty. Could they be waiting in line to pick up domestic crude for export. Congress approved lifting of restrictions in December, but I am not sure when this was supposed to go into effect.
Same thing happened in the early 70’s. We were waiting in line, on either odd or even days, to get gasoline because an “oil shortage”.
Stop imports, we have enough of our own! Put some folks back to work.
May I suggest joining a site like the one I will show the link for. I’ve tracked ships in the past with it and is very good. It’s not unusual to see this type of traffic sitting 3 to 5 miles off the coast in Texas. Last year when the Kurdish oil ship was sitting off the coast of Texas I could see it on this site. Also when Iran captured the ship last year I watched as the surrounded it with other ships to make it nearly impossible for any country to come to it’s aid. http://www.marinetraffic.com/
Andy I believe your talking about 1979 when we had lines and prices went up. Raising prices was caused by something else all together! We went from the old diesel to a new cleaner which ran a lot of trucking business out of business. I was one of them! We changed additives and cleaned our fuels for the environment and is why prices went up.