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:
Looks like the 80’s all over again!!
OOPS!!! I meant 70’s!!
C’mon people……those ships are riding high in the water……they are empty…..
Not Strange At All, This Has Happened On Several Occasions In The Past 15rs…
Bull both those ships are high and dry. (Empty)
I remember those long lines…
Over 60 tankers now.
OIL WARS!
My parents live on Galveston in a high rise condo looking over the gulf, and have for 25 years. At night the string of ships anchored stretches for miles offshore. Way back in the 70s and 80s when I was going offshore fishing you didn’t see ships anchored like that. The last two trips, however, (the last of which was last week) I remarked that there were far less ships out there than usual. My parents said “they come and go”. So conspiracy? No.
If this is true I hope gas prices fall as much as possible. What happened to the oil shortage bullcorn.
Let prices fall. The further the better.