Dozens Of Oil Tankers Wait Off California's Coast As The Pandemic Dents Demand : Coronavirus Updates

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. Mark J. Terrill/AP hide caption

toggle caption
Mark J. Terrill/AP

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.

Mark J. Terrill/AP

The scale of oil market turbulence is on stark display along the California coast. About three dozen massive oil tankers are anchored from Los Angeles and Long Beach up to San Francisco Bay, turning into floating storage for crude oil that is in short demand because of the coronavirus.

About 20 million barrels of crude are on board the tankers, according to Reid I'Anson, global commodity economist at Kpler, a data company. "That is definitely far outside what is normal for the region," he says, referring to California's coastline. "Typically, we'll not see more than, you know, maybe 5 million barrels tops kind of floating."

With dramatically fewer cars on the road and pl....

read more from npr.org