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:
gee is this the reason that the prices actually went up
Lol. ..I was in Galveston yesterday! Nothing to see here! 7 ships at anchor! I counted them. It’s a staging point! Nothing more
These ships are riding high which means that they are empty!
Mark Munro watch out for the oil tanker traffic jam!
I spent a few years flying out of Galveston and these ships have always been there. This is nothing new, I probably have pics of them from 5 years ago.
Here is one from 2011
These ships are bulk cargo ships. The haul grain and gravel. They do not carry oil. Tankers have an over head pipe rack not on deck cargo hatches. Besides the reason for the stack up of ships is because the ship channel is too narrow to accommodate all the ships. Houston is one of the busiest ports in the country.
Really I was there on the 30th and saw only 12 all empty
death to big oil
umm..can i buy the oil on the ship at wholesale?