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 freaking news its been like that for over a year
No dude that’s all oil
Lower the price of 100LL and I’ll gladly help use it up
Trying to drive up prices and guess what they have been rising
any one who knows about oil tankers would know these are EMPTY. If full, there would be little or no red showing
These ships were there in August when we were in Galveston. Worker at one of the hotels said they were waiting to get in the harbors of Houston to load or unload. It was my first time in Galveston so I was in awe of everything
In greed we rust
Frank Hopson.
Best pic I had from our last trip. Had to zoom in. Took pic from Moody Gardens just trying to get the view from our room.
Looks like light tankers at anchor.
Those ships are empty.