With about 20 million barrels of crude oil on board, dozens of tankers are anchored along the California coast — turning into floating storage as the demand for oil plummets.
The oil tanker Pegasus Voyager sits off the coast as a man sits and watches in a park in Long Beach, Calif., on April 22. Many vessels are parked between Long Beach and the San Francisco Bay Area with nowhere to go due to lack of demand and nowhere to store the oil.The oil tanker Pegasus Voyager sits off the coast as a man sits and watches in a park in Long Beach, Calif., on April 22.
With dramatically fewer cars on the road and planes in the sky, I'Anson says there is a limited need recently for gasoline and jet fuel. That has caused a glut in the market and a shortage of onshore storage. "Things are pretty crowded," says Capt. Kip Louttit, executive director of the Marine Exchange of Southern California, an arm of the Coast Guard that operates vessel traffic service.
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