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:
If no one has mentioned it the scene was the same off Norfolk shore in 74 when they were trying to raise the price of gas.
There is some historical AIS data that can be mined, but I’m not sure if you can do an overlay, or glean any significant info from it. You’d have to register an account to get some of this. It’s interesting that the tankers in place look quite a bit different than when I looked at them this morning. You can set up filters for the types of vessels you want to see.
Pffft…we see this off Galveston ALL THE TIME. Ain’t bizarre to US.
These ships look empty. Riding too high to be loaded. No ballast either, so I would guess they are waiting to be loaded.
Normally the amount of oil being produced would be lowered to maintain inventory and keep prices up. If I understand the situation the ME is keeping production levels high to drive down prices and kill the Texas Oil Boom.
why is oil down 85% but at the pump only 40%. Somebody’s getting rich somewhere. Not me…
We saw the ships out at sea when we went on a cruise to Aruba last Feb. we counted 35 at one time.
WHEN I LIVED IN TEXAS I WAS TOLD THAT THE SHIPS COMING INTO PORT HAD TO WAIT THEIR TURN FOR THE SHIP-YARDS TO BE ABLE TO OFF-LOAD THEIR CARGO. THE SHIP ANCHOR OUT TO AWAIT THEIR TURNS. NOTHING SUSPICIOUS ABOUT THIS COURSE OF ACTION. NO REASON TO GET YOUR PANTIES IN A WAD.
History repeats itself. Look back in the past, this happened the same I think in the seventies to force prices to go up. We heard rumors of massive dumping and burn offs back then.
Hey Rick Nock you are right what is starting to happen is one supper tanker was loaded with crude oil going to England last week left from Freeport and some to be loaded out of Galveston the start of selling oil overseas what I weird is still getting foreign oil