The World is Drowning in Oil
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