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 common. It was like this for at least the last 20 years.
this has been going on for a few months now it is not new news its old news.tanks are full.
Samantha Garcia
Ernie Fountain we were talking about this
But but but… Obama said our dependency on foreign oil is down by 60% just last night!!!! 😛
Too bad the oil refineries weren’t prepared for much more storage, while prices are low…because it won’t last.
Maybe we should not be importing oil and we should become more Energy Independent. Maybe we should cut a deal with the Saudie Opec bunch where they cut production and we protect them from Iran. Maybe we need more true patriots at the round table who can figure and make better deals where all Nations and Countrys do better. You catch more bees with honey than vinegar.
We need Trump now at the negotiating table
Obama is invading Texas with oil tankers.
The risks from cheap oil to national security is way higher than anyone is telling us. Not only have the US banks extended trillions of dollars in loans to drillers; but the feds with QE, TARP, TWIST have invested trillions, and governments like Russia have placed their entire future in it. Sooner or later if prices continue to fall something desperate will have to happen, the only question is what.