http://www.zerohedge.com/news/2015-11-11/biggest-threat-oil-prices-2-mile-long-stretch-iraq-oil-tankers-headed-us As Iraq - the fastest-growing member of OPEC - has unleashed a two-mile long, 3 million metric ton barrage of 19 million barrel excess supply directly to US ports in November. http://www.zerohedge.com/news/2015-11-12/something-very-strange-taking-place-coast-galveston While the crude oil tanker backlog in Houston reaches an almost unprecedented 39 (with combined capacity of 28.4 million barrels), as The FT reports that from China to the Gulf of Mexico, the growing flotilla of stationary supertankers is evidence that the oil price crash may still have further to run, as more than 100m barrels of crude oil and heavy fuels are being held on ships at sea (as the year-long supply glut fills up available storage on land). The storage problems are so severe in fact, that traders asking ships to go slow, and that is where we see something very strange occurring off the coast near Galveston, TX.
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Good news only to Arrogant SOB's who troll this forum for no reason other than to try to piss people off who are still in the O & G industry and depend on competitive pricing for their jobs so that they can feed their families. That includes almost everyone on this site. Not me, but I am not an arrogant ass who's only goal is to piss people off on a Chevron forum. Good thing for them that Zerohedge has about Zero credibility.
I'm not a subscriber to ZeroHedge, but the prospect of an intensifying oil glut should be good news to all. We can fill up our SUVs and trucks for less cash on our way to the local pub to celebrate with an extra round of drinks, and still have some extra money in our pockets. I hope oil hits and stays in the $30's for a very long time.