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 is nothing new and it happens all the time, we just never hear about it. If you look to the north you’ll see the New York harbor doing the same thing, If you look way east, You’ll find the harbors of France, Europe and the Mediterranean ports across the world are in the same shape right now. They sellers are all hoping the price of oil will go up before the actually make a deal with the traders and buyers. This has happened before.
I don’t know about all of the ships but the one in the picture looks empty. Look how high it is floating in the water.
Venezuela was selling oil for $25 a barrel. Texas has been building inland storage like crazy to store as much as we can. We have had ships lined up out there since at least the beginning of 2015. Sounds like we are stockpiling. I’m sure once the prices go back up, the price of all of the oil purchased at $25 a barrel and stored will also increase, allow the people that bought it to have a huge profit margin.
This whole thing is a power play by OPEC to bankrupt our domestic drilling. We should stop buying from them and show them how much they can lose by our $ going to other countries.
those ships are empty guys???
So, with all this oil being stored on the water in the Gulf of Mexico the risk of a greed induced catastrophic spill must be higher than ever. Tankers are designed for transport not mobile storage.
I’ve been in the Houston / Galveston are since 1969. Happens all the time. It has more to do with production facilities are working at maximum and can’t off load the crude until they have room. Considering the cost of land and storage tanks, it is cheaper to leave in on the ship and odd load it as it is needed. JD Holland is correct. It happens all of the time.
I live on Galveston … It happens all the time as David said .. It’s also very random.
It must surely be part of Jade Helm………
cheap oil and natural gas (in the US) for a good while – probably years, 5 or more.