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. Ships park like this at the entrance of the channel all the time. Its been going on for years. No conspiracy here.
June Moody
The government has begun allowing the export of oil from the U.S. That is oil from the U.S. going to other countries now.
Cody McCubbin No , even the Saudi’s informed the American people that full tankers were at anchorage off our coast. This was a White House big oil deal that screwed the people.
This happens every year. It is cheaper for tank farms to store their product off shore from December to after January 1st than it is for them too pay the inventory tax. I was in the industry and we had to do this every year. It’s a tax dodge.
Um, this happens a lot when traffic gets backed up in the Ship Channel. Don’t make somethin’ outta nuthin’ y’all.
Ships in pic look empty to me!!
Isn’t strange that if we horded a product in order to drive the price up, we go to jail for it. When the government is profiting from it, its ok? Things that make you go hmmmm
Not true. These are empty ships waiting to be loaded by oil from the Eagle Ford Shale play in south Texas bound to foreign markets. The oil from the play costs less to refine and so that is why foreign markets are buying.
Ok, Gas is now under $2.00 a gallon most places, was $5.00 plus two years ago, Any body think they are getting jacked around?