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:
This “phenomenon” is called “contango” they are waiting for the oeuvre of oil to go up because we have such a surplus in storage. Same thing is happening off all of the major ports in America. Fly out of LAX or san Francisco you’ll see the same thing….not a conspiracy is simple supply and demand
And the gas prices continue to rise.
Yeah not unusual especially at the end of the year when playing games with inventories.
Then why is gas up
This is over from what I understand. It’s what happened when we stopped buying oil from overseas for a week or two. Now that she’ll got bought by the Middle East, it’s done. No more low gas prices.
There are lot people on here who do not understand two things. 1. The oil industry. 2. Basic supply and demand.
Ryan DeVore
Thank you Rodney Kurtz. I get so tired of people that still think the only source of oil is opec
Time to buy a couple 1000 gallon fuel tanks
Live in Galveston too. Completely normal. See them all day every day and half are regular cargo ships