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:
Soooo much misinformation up there…
In 1973/1974 there was an OPEC oil embargo (See below). Also, the department of energy did not exist until Jimmy Carter signed the legislation to create it in 1977.
https://history.state.gov/milestones/1969-1976/oil-embargo
this should tell you the economy is going to do soon
Could be since we just passed legislation to sell oil internationally….those tankers are waiting to be filled????
Looking at the red paint on their hulls, neither of those ships are loaded with anything.
Bring back gas guzzling V-8s!
And i’m here. They said it would be fun
The price of oil being down is negatively affecting small businesses. Say for instance scrap yards when the price of oil goes down it pushes the price they pay for that material down
And the price they get
if this is true why is gas still $2.00 a gallon still ??
THEY ARE ALL OIL TANKER STORING ON WATER