DeepResource

Observing the world of renewable energy and sustainable living

The World is Drowning in Oil

galvestonGalveston harbor

The world oil overproduction is now so bad that oil-tankers are used as storage facilities and parked one the Atlantic, waiting for customers. Like 40 crude tankers with a combined cargo capacity of 28.4 million barrels waiting to anchor near Galveston.

So what’s going on?

  • Solar & wind breaking through?
  • Everybody busy with saving energy?
  • Everybody switching to small cars?
  • Young people no longer bothering to own a car and instead use their location aware mobile gadgets to share a car?
  • Economic recession, denied by western governments?
  • Very mild ‘winter’ in Europe, vastly lowering house warming fuel consumption?
  • Increased fracking production, outpacing ‘peak-oil’ supply contraction?

All of the above?

[zerohedge.com] – Something Strange Is Taking Place In The Middle Of The Atlantic Ocean
[fortune.com] – Oil Prices Could Drop to $20 a Barrel Next Year
[reuters.com] – Diesel tankers make U-turn in mid-Atlantic as Europe stocks swell

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