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:
Yet gas prices are going up 5-10cents a day
But look how flat the horizon is!! No curve!!
Here’s something some may not know…this is normal. What else is normal is the US selling oil and putting it ships. Those ships get to international waters and US actually buys it back for more than they sold it…suppliers have to do something with the supply. Don’t believe it, go look it up…
Old news from Nov ’15.
This was true during the Carter presidency. But those days the gov said there was not enough oil. And the prices went way up. And they created a shortage.
It’s Obama flooding the country with his Muslim buddies oil to destroy the oil companies here before he returns to his new palace built with our tax dollars in his homeland of Kenya!
this article is such BS! I am a captain out of Galveston going out every day and we have less ships now than normal coming in. Houston is the 3rd largest port in the world and we have over 200 ships a day come and go through Galveston and your right, the ships sitting just offshore are mostly empty.
I can see how that’s all tied into the cost of gas going up so fast, yes, that’s it, more oil than we can handle, oil prices going down, down, down. Gas going up, up, up!! I missed some thing, I did!!!!
Why wouldn’t this be true
There are 50 commercial vessels anchored up but show a picture of 3? I have family in Galveston area, there are always ships out there. It’s a port! They are always waiting in line.