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:
Thats BS. I cruise out of there about once a month. The only time they stack up is due to weather reasons.
cheap foreign oil bad thing???? greedy bastards!!!!!!
it is corporate greed and crooked epa policies that artificially drive the prices up……
the profits are all on paper anyways get over it and wait couple more months to upgrade your 300 foot yacht…….because when prices up the people actually doing the physical part of the business do not get more money…… very hard to get my sympathy when billions of dollars net worth corp lays off workers who they could pay for years off the interest…..
i feel so sorry for those poor bastards.
I stayed in Galveston last week with a room overlooking the gulf. Saw about 20+ ships lying in wait. Usually there are less than a dozen.
http://fuelfix.com/blog/2016/01/06/first-crude-oil-export-cargo-from-houston-ship-channel-leaving-this-week/
It appears that these ships are mostly empty. As they wouldn’t be riding that high in the water were they full.
We are seeing a great increase in ship traffic in Corpus Christi also. As we drive over the harbor bridge on a daily basis, it became obvious several weeks ago that shipping has increased.
This has happened every time there was a glut on the market, a refinery down, or some group trying to pump prices up/down.