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:
Sherry Lee Row Gallaher
And we’re still paying $2/gal for gas.
This is pure BS. I went down the Houston Ship channel recently, Saturday December 19, 2015, then back into Houston Friday December 25, 2015. I was on the NCL Jade cruise ship on the 11th deck and could see a long way. There were a few ships, but no jam at all. Stop making up these scare stories that are not true.
It was the same way off the coast of Virginia when the gas price wars started.
It always looks like that coming into the port!
Funny how in the 1970″s they had to raise the price of oil because there was a shortage. Here we are 35 years latter with more oil being used than ever and we have surplus problems. Can anyone spell GREED!!!!
Wow
Yep, these ships are sitting too high in the water to be full…
Ferrys can hardly get back and forth to Bolivar because so many are moored. We can barely see the water from the house there are so many!
Well I live in galveston and you see this every day those ships are empty and getting supply’s