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:
Debra Baerman
Funny thing about that picture…those ships are empty…they don’t draft like that full
As a news reporter in 1976, I did a story on Jimmy Carter telling us that the oil shortage was so critical the we would be out of oil in 25 years. Where is all this coming from?
No.. there is no more room on shore. Tanks are full! You have to use floating storage.
And Andy, no, it was price controls that ran up gas lines and alternate day fueling. Also, the DOE did allocation of fuel back then, rather then prices determining where the flow of gasoline went.
https://en.wikipedia.org/wiki/Emergency_Petroleum_Allocation_Act
Let the price of oil fall. It needs to! Any how, these tankers are empty!! Look how high in the water they are!!
Has been going on for months ask boi s duh
Let Bush and his big oil buddies go bankrupt
Who gives a rip about the UN logo?
What a retarded know nothing post. James, did you wake up to purple horn tooting salamanders upon high today?