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:
Watched this same thing happen in the 70s off the coast of Conn and NY…with the opposite effect!
IS this current? I saw articles on this but the date was 2014.
You would have to be the stun on the planet or Mike Tyson (2nd) to beleive this c**p. You do know this is the internet and not everything on here is true??
I was there yesterday and photographed this first hand.
video of this was posted on my Wall yesterday.
The companies that make gasoline and other products are buying all the cheap oil they can and storing it. When the price of oil goes up, they use this cheap oil to make gasoline and use the excuse of high oil prices to raise gasoline prices, that’s how the make there Billions every quarter!!
They signed a bill to start export of oil.
When this glut is over oil prices will rocket back up to 125.00+ a barrel. Enjoy it while you can and those who work in the oil patch good luck. Cheap oil is not good for the economy.
There is nothing bizarre about this at all. Ships have always been anchored off the coast of Galveston simply due to the fact that only a limited number can transit the Houston Ship Channel at any given time. And yes, there is a glut of oil on the market right now, but that’s due to the fact that Saudi Arabia has chosen to not curtail it’s production with the expressed intent of driving the high cost producers (especially the shale oil companies in the US) out of business, and hurting the economies of Iran and the Soviet Union. They are doing a pretty good job of it since at least 250,000 workers in the US oil industry have lost there jobs. It was the shale drillers that in the last ten years made the US independent of OPEC’s oil. Unfortunately, that oil cost’s more to get out of the ground than today
….todays prices can support. Saudi Arabia’s lifting cost is about $10/barrel while the shale oil costs about $60/barrel. Everything looks rosy for the consumer right now, but you don’t have to be a genius to figure out what OPEC will do once they are our only source of oil.