SUPERTANKERS Offshore, Anchors Down...The World Wants Less Oil
 

What does this mean, considering the source?

As demand declines, oil tankers lower anchors

Chris Kahn ASSOCIATED PRESS
Wednesday, March 4, 2009

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

Excerpt:

Experts aren't sure what will happen when all that oil finally comes ashore.

One fear is that with oil prices so low, companies will slash drilling and production, setting the world up for an energy crunch that would send prices soaring. The number of oil and gas rigs operating in the United States has fallen a staggering 39 percent since August.

Others say prices would plummet if companies forced millions of barrels onto the market at once.

"If everyone's running for the exits at the same time, they'll engineer a price collapse," Mr. Flynn said.

Complete Article: http://www.washingtontimes.com/news/...oil-at-anchor/