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 like the way they say its a strange occurrence and then explain simply exactly why its happening.
oil isn’t going to drop – now that they have all that cheap oil prices will sky-rocket this year. They’re not stupid.
Austin Sonnier
While the article is pretty much spot on, the photo, unfortunately, has the two main tankers show being empty.
This is normal, they are keeping as much oil off shore until after the first. Not sure why I just know it’s not unusual
Hopefully the lift on the oil export ban will help the shale industry.
Secondly, opec is doing everything in their power to maintain their market share. However, their supply won’t last forever.
All those saying those ships are MT the writer said its a stock photo not the true ships. Learn to read.
I am all for more supply than demand. Oil prices crashing if they do, should result in lower gas prices, at least in theory. Lower gas prices should help boost the economy not hurt it. When people can afford to fill up their car with gas and still afford to eat afterwards, they are more likely to spend money in other places, resulting in a boost in the economy.
I wish I still had my gas guzzeling off shore boat
I am an offshore sailor and my home port is Corpus Christi Texas. I have sailed into just about every port on the Gulf of Mexico and every port has a designated anchorages where ships wait for harbor pilots to come out and bring them in.
The ships in the photo appear to be empty and riding high in the water. The author of the post could not get actual photos of the oil tankers in question. Why? Want to how many ships are in the anchorages at any one time? Go to ais ship track . Com. AIS is a electronic devise that the Large ships must have. It transmits the ships location, course ,speed destination etc.
See for your self.