Hundreds of oil tankers off the coast of China

TankersChina.jpg


Hundreds of oil tankers anchored or barely moving off the coast of China. The price of oil is so low they don’t want to dock and unload. ZeroHedge spotted the same thing off Galveston in November.

J.P. Travis: Born and raised in Grand Rapids, Michigan, 1976 graduate of University of Michigan, father, grandfather, husband, founder and CEO of Travelyn Publishing (http://www.travelynpublishing.com/), and passionate anti-government believer in individual liberty.

View Comments (8)

  • Nothing new here. Created shortages, either by governments or oil companies, has been a tool used many times in the past to inflate the price of oil.

  • So, it's cheaper to keep a ship sailing and paying a crew than to offload it?
    Makes no sense to me.

    • Me neither. I guess they're hoping some dumbass terrorist blows up someone's oilfields or something and the price of oil jumps up. Then they can dock and sell their oil.

      • If they keep enough of it parked at sea they'll create a shortage and the prices will go up. Watch. They just announced gas is going up again in Taxifornia.