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:
It’s just the opposite in my view, from what the article states.
The ship serve as tank farm terminals. And move out when speculators raise the price per barrel higher, due to their thoughts of higher demand coming.
It’s a way of buying the oil cheap, and selling it high.
I have worked in the oil business for the greater part of my adult life, and if seen tactics like that before.
A form of manipulating the market is what it is.
The drill baby drill, frack baby frack deal has turned into a quagmire. Modern day gold rush. The boys in the oil bidness always do this to themselves. Greed rules.
Don’t know a thing about all the ships in Galveston but I can tell you that these low pump prices are not a good thing! If oil gets to $15 – $20 per barrel, we are going to have some severe economic backlashes as the$#%&!@*starts flowing downstream ….
Bull$#%&!@*morons get lifrs
Nothing strange about this. I’m sitting on one of those tankers as I type this. I coordinate the transfer of oil between VLCC Tankers (to large to enter port) and the ones you sea here that bring it in to port. Common sight of the coast of every major oil port in the world these days. Very little oil storage available on shore.
By the way. They are not hampering traffic in and out of port. They are located in the Galveston Fairway Anchorage which is an area specifically designated for these vessels to sit and wait. The two vessels in the photo aren’t even oil tankers. They are dry bulk carriers and are empty as can be seen by the way they are drafted. They are currently in whats known as ballast condition.
We do have a stock pile of oil. But it is not that bringing the prices down. It is the Government controlling the stick market and pushing prices down to crash the market and take money from these BIG oil and gas companies.
The idea is to take away the profits and get the US oil feilds shut down again then OPEC will own us again . Has happened before.
I sure hope oil is all that is on these ships. I sure hope none of the container ships is storing a mid range nuke ICBM. I also remember back in the early/mid 70’s when we saw gasoline tanker trucks dumping or hiding their gasoline in buried storage tanks when we were being told there was a shortage of gas.
it’s called ‘the writing on the wall peeps. there is an oil glut, even our underground storage areas are pushing full. Why? It’s the global economy. a thriving economy takes energy, and lots of it. we ain”t thriving, so we aint using it.