LONG BEACH (CBSLA) – A flotilla of oil tankers off the coast of Moncton is a strong example of the historic decline in oil prices.
On Tuesday, 24 oil tankers were spotted anchored off the coast of Southern California, waiting to enter Moncton Harbor. That’s four times the number of tankers normally waiting to unload crude oil from Mexico or Alaska.
Oil companies have so much to offer that they run out of storage space. In many ports around the world, companies simply store it on ships for the time being.
Oil prices fell below $ 20 on Tuesday, the lowest price in nearly two decades. With much of the nation staying home, working from home, and not traveling because of the coronavirus pandemic, the demand for oil has plummeted to all-time lows.