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:
do not live under a rock? Texas Oil ? Hello. Minerals in Afganistan?
harbor pilots all on vacation????
OPEC is flooding the market with cheap crude to cause problems for the successful drilling being done with the fracking practices in the U.S. And it’s working. The oils we get from fracking is not profitable with prices below around $50 per barrel. BTW, the ships in that picture are empty….
You can say what you want about what happened in ’73. But I lived in New Orleans at the time, and had occasion to travel the 60 miles down the river to the gulf on a crew boat during that crisis. I saw with my own eyes tanker after tanker between Nola and the Gulf, loaded and anchored in the river all headed inbound.
Hi Mark!
Just an accident waiting to happen !
Texas just importing oil.
Well ya know during the bogus 1973 gasoline shortage a lot of oilers were kept at sea just like this so the prices would go up. Possibly the same thing is going to happen.
Nice photo, shows ships that are EMPTY!
we were just down there a few days ago. Yep, lots of ships, all headed to or from the oil rigs.