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:
Hell, that’s been happening since I was a kid. I’ll be a son of a$#%&!@* all of this time I thought they parked out there to wait their turn to unload!
I don’t have the patience to explain at length. My b******t meter only goes up to 1.
Thanks for putting the facts out there.
ok so its cheap are people going to stock pile it their selves in container let me see why dont we tell the middle east to stick their oil up their as
We don’t need oil imported anymore, we gave enough of our own, send it back to the terrorist funded groups!
Tj Turk weren’t we just talking about this the other night
Yep. No place to store the oil.
No doubt we have a huge over supply. I’m told the refiners are paying -50 cents per barrel for the sub grade sulfer rich crude from North Dakota. Not Good.
This is normal occurrence here. How is this news?
the gov . will get the price back up
everything is stalld,..dry index,..nothing moving at all,..no one buying anything