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:
James Adams, those ships in your picture are empty or close to it… they are sitting far above their water line…
new a guy that did that for a living .they will stay out there until they get the right price
they are probley empty and affraid to go get more oil from isis in syria affraid putin will blow up their boats.
It’s no mystery what’s going on. The Saudis have admitted pumping like crazy, to drive down prices, to put American frackers out of business.
Recently while flying into HOU I counted 40 oil tankers anchored off the coast
Troop ships
100% correct, however everyone is continuing produce record level oil production, Iran will be providing its oil into the market eventually. Storage for oil is at capacity and the demand for oil has slowed dramatically. Simple supply and demand economics on a global scale. Two years ago your used oil out of your cars was being purchased by oil companies at a premium, $1.00 per gal average. Now that same used oil holds no value and your oil change location is being charged to have it collected. Great for consumers, bad for industries in shale.
This is a bunch of balony. I’ve seen these ships in person, fished around them all last summer. They’re empty, awaiting cargo. If anyone wants to check them out in person, I’ll be happy to take you out in my boat for a first hand look.
What?To much oil? Yet the big oil companies still want to drill off of several of the US coastlines?
Just another sign of the true economy.