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:
Sooo how is the demand lower than supply, oh wait, how about we just got tired of being raked across the coals by the oil companies, or is the greenie movements fault, after all, there are a lot of Prious and Focus and the such running around.
These are tankers and grain ships, not container ships. Again, please speak of what you know.
My son and I flew over this, it was amazing to see!
well tell the real truth Washington pass a bill to send all oil to other countries to be refined and then brought back in to the United States but funny how that didnt make to the news. pretty soon there will be no jobs in trhe US and we will have to move to Mexico and other countries to find work. they should fire all congress and the sentant and start fresh. We cant do any worst than we are doing now.
So dangerous for the envuironment.
The difference between 1974 and today is the ships are visible today. In 1974, to contrive a shortage, they kept them far enough off the coast to not be seen by the average person and they required the military to fly security over the ships 24/7 to keep “sightseers” from getting close enough to see what type vessels they were. I know, as my job was to make those flights.
Kevin Bagwell No it was 1974. I was moving to Washington DC and had difficulty getting gas for the 400 mile drive.
if you look at the ships in the photo they ride very high in the water with very wide red bands on the hull that when loaded should be submerged. The ships in the photo are empty.
Cannot help but think all this has been manufactured by our government. Isn’t that how oil supply and demand works.
you are correct Carl…..the ones in the pics are empty. I can tell you that new permits for new wells in south and central Texas have been at zero for several months. However, once drilled and connected to pipelines, oil has been flowing to storage which is near capacity which is one reason the US oil industry had been trying to get the law changed so they can export oil. Trouble is with Iran dumping almost a millions barrels of oil a day now on the market, there will continue to be an oversupply while at the same time due to economic conditions, the demand for gasoline and diesel is down. The demand for heating oil had been down due to the mild winter. Many countries like Russia, Sudia Arabia, etc. need oil higher to pay the countries bill. Oil and gas industry is laying off people left and right. Louisiana as does Texas relies heavily on oil and gas for higher education. Things are going to start hurting soon and we better tighten our belts.