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:
Those our tankers filled with oil because they have no place to put it.. I work in a refinery I know what’s going on
Not all of them but a lot of them
It’s not because you want to go fishing
The same thing happens at Port A. Another reason they are in a traffic jam may also be because there aren’t enough tug boats to guide them through the channel.
Funny, I thought prices were going back up.
Sniff sniff…. I smell b******t
Truth? this is thier truth, more like B>S> “I am sorry guys. I could not obtain a pic of the actual ships that are confounding the port. The price to obtain actual photos is so large that it prohibits alternative media. Go figure! The picture you see above is just a stock photo of cargo ships obtained from a paid service. The actual ships mentioned are carrying oil, which is the basis of the quandary.”
Been here 10 months, that’s normal traffic you’re seeing there.
Every tank every underground storage we a loaded with oil but it cost everyday they can’t unload.
Isn’t futures trading fun!