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:
If this is true, then why the$#%&!@*did gas go up 40 cents in one day??
Used to see a similar sight in the Arabian Gulf till the Iran problem.
Then tell me why our gasoline prices have jumped up 30 cents a gallon this week!
Several months ago a oil man(one who leases your land for drilling) said we were oil independent and did not require and imported oil. The only thing we were allowed to export is CNG, compressed natural gas. We could export oil but the “govererment ” won’t let us.
i wish I could do some oil changes for a buck.
These ships are riding high because they’re empty. WTF ?
Or, it’s just another foggy day! They stack up every time it’s foggy
1974 all over again.
Time for prices to skyrocket. Already up$.50 a gallon for gas.
P.S. You don’t store oil in container ships.