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:
Old news
Thanks a lot GW. Making money for your pals…
It’s a CONspiracy man….
Well that’s not good
The world uses approximately 95 million barrels a day and the surplus supply is 2 million; that makes the surplus a small margin of 2.1%. It will work itself out.
I think you should change the name to paranoid and speculation i think This would be more suitable for your titles.
No refineries opened since the hate 70’s. Hmm. Interesting. Also many has been upgraded to double capacity. Why ripple don’t check facts before posting instead of blindly believing the media I’ll never understand.
I guess nobody else in the world uses oil now a days.
Saw these when my cruise left port 2/27/16.
And yet, prices went up $.30 in 2 weeks…