Your Taxpayer Bailout Dollars At Work

Firms storing oil in anticipation of price increases

"The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products."

"The practice of storing oil on ships began last winter, when the price went as low as $32 a barrel. Bloomberg reported in January that the world’s biggest owner of supertankers, Frontline Ltd., had already hired out about 20 supertankers for oil storage and had requests for up to 10 more. “I’ve never before seen storage demand on this scale,” a shipbroker told Bloomberg."

A never ending parasitical disease.