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’m looking at them right now.
I counted 38 ships. None are moving.
These ships are sitting way too high which would indicate they are empty. My bet is they are waiting to begin exporting oil which just began today ….
I didn’t bother to click or read the post, but I was there on the Sea Wall of Galveston from 12/27/2015 through 12/27/2015 and made it a POINT to count them. I saw a DOZEN or less, and one or two of them were floating high (empty?).
we need to eat more salad
Floating storage
Some of those ship are dry bulk they have doors on the deck,a tanker will have a piping on deck.
They dry bulk ships
Oil & Gas prices are set by OPEC, ….not some guy who runs a store or the U.S. govt.
Very interesting