Categories: Market Overview

Oil Tankers Lurk Off The Coast Of California

Oil tankers — 27 of them — have been spotted lurking off the coast of southern California. The footage was taken by the U.S. Coast Guard, as the Coast Guard is monitoring the “increased presence” of oil tankers that are hanging out in the seas near the ports of Los Angeles and Long Beach.

The Coast Guard, doing its job by being responsible for maritime safety, security, and environmental stewardship in American ports and waterways, is coordinating with the relevant sectors in Los Angeles and Long Beach.

“Due to the unique nature of this situation, the Coast Guard is constantly evaluating and adapting our procedures to ensure the safety of the vessels at anchor and the protection of the surrounding environment,” Commander Marshal Newberry said in a statement. “Coast Guard watchstanders, in partnership with the Marine Exchange of Southern California, are closely monitoring each anchorage to manage the increased number of tank vessels we’re seeing off the California coast.”

The tankers are carrying enough crude oil to meet the needs of 20% of the world’s oil consumption, yet they have nowhere to go. This is due to demand for the fuel collapsing. These tankers are pretty much floating storage units for barrels of oil. The LA Times reports that there are almost three dozen ships — which means that more have come after the Coast Guard put out its press release. The LA Times also notes that this is the highest volume of crude to ever float off the West Coast at one time — more than 20 million barrels of crude oil. And these tankers have been floating steadily for 8 days.

We are essentially drowning in oil. With everything being shut down and people staying home, there are fewer people buying gas (only essential personnel). Oil refineries have shut down temporarily. Here in Baton Rouge, ExxonMobil reopened to start producing hand sanitizer for first responders. Drums normally used for oil are now being filled with isopropyl alcohol and Exxon will be donating a batch of 160,000 gallons of sanitizer. This is enough to fill 5 million bottles.

Oil Tankers Lurk Off The Coast Of California, cleantechnica, Apr 27

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team
Tags: oil

Recent Posts

GBPUSD Wave Analysis 14 November 2024

- GBPUSD reversed from strong support level 1.2665 - Likely to rise to resistance level…

8 hours ago

USDCAD Wave Analysis 14 November 2024

- USDCAD broke resistance level 1.3950 - Likely to rise to resistance level 1.4050 USDCAD…

8 hours ago

The dollar has reached range limits

The US dollar has strengthened, reaching the upper boundary of its trading range. The British…

10 hours ago

Crypto: Tug-of-war at new altitude

Cryptocurrencies continued to surge, pushing the total cap to $3 trillion. Bitcoin has gained nearly…

11 hours ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

USDJPY Wave Analysis 13 November 2024

- USDJPY broke key resistance level 154.70 - Likely to rise to resistance level 157.20…

1 day ago

This website uses cookies