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:
9 abandoned oil rigs anchored off of South Padre Island, TX for months. I took these and others while we were there in January & February.
Corpus Christi
That would break my heart to see the big oil companies go broke.
I don’t seem to see any of those ships full of oil, they are all riding to high in the water to be full of anything .
Christopher Hagan, did you see this!
If this is really the case, why are the gas prices going back up?
We barely get 12% of our oil from the Middle East
Yet gas prices are rising again?
Jeremy Jeremiah maybe this has something to do with all the railroad tankers here in Illinois.
Well my husband company just laid off about a month ago working Beaumont/Houston sorry no more oil storage needed! So see it as you want