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:
Maybe if they stop drilling they wont have such large stockpiles!
Boat watch app – this screenshot from today – red ships are tankers…unreal.
This is old. Barrell of oil went up this last week, not down.
Dark orange or tankers…. I think the count is is 89 ships
Next some “expert” will tell us that when fuel costs are down, the economy suffers. Total BS. The only ones that suffer are the oil companies. I for one do not think that oil prices should be permitted to be traded time after time until its so high that we the people suffer from it.
Thank you for that concise, lucid and very informative explanation! Nice to see an adult response compared to all the c**p blathered on FB that is supposed to be news. Well done and thank!
too many comments to read them all, but you guys do know that those ships are empty?
Lol..who cares
Hope the price keeps diving and shuts them all out of business.
OPEC is lowering the price of crude oil to keep these indebted US Companies from producing until they default on their debts. Obama is getting it set up so they can then come into the United States buy our natural resources so they will still be in control of the majority of crude oil.