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:
I will make a news story about this stupid news story….
Hmmmmmm so why is gas prices going up, government assholes js
BS post. Like it doesn’t cost money to keep oil on ships. Ignorant as post.
Been going on for years. Many reasons: off-load terminal temp down. Shortage of channel pilots. And……..OvercrowdIng. I grew up next to the ship channel. This is nothing new. GET A FUCKING LIFE.
Interesting
Then why are gas prices rising?
i hope that’s a stock picture, because those ships are empty,
Brian Bookout if it is filled with oil why is it such a big deal that they are their? I just don’t get it and if they have no place to put them why on a ship? And does the ship just stay in one spot or is it just going where ever?
And all the ships in the photo are running high means all are empty cargo ships
It’s true that the tankers are there. I fish the jetty’s at the opening of the ship channel and have to work my way through the the tanker parking lot. The reason they are anchored is financially strategic. The owners of the oil in the tankers park the vessels and wait for the price per barrel to rise or the cost to keep the ships waiting nears the margin where profitability is lost. These markets are very volatile and can change daily. It’s no big deal, it’s been happening for years and years to some degree.