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From Fox Business: The union dockworkers strike that began early Tuesday impacting dozens of U.S. ports is not expected to disrupt the oil and gas industry right away, but experts say that will eventually change if the work stoppage lasts long enough.
The Department of Energy issued a statement after the strike began saying the shutdown of the 36 East and Gulf Coast ports “will not impact crude oil, gasoline, natural gas, and other liquid fuel exports and imports, as such operations are handled by other workers. Therefore, the strike will not have any immediate impact on fuel supplies or prices.”
In response to the DOE’s statement, oil and gas expert Adam Ferrari, CEO of Phoenix Capital Group, told FOX Business, “While you can say there might not be an ‘immediate’ impact, there is still the consideration of the overall economic hit the US will take across all industries, including the oil and gas industry.”
Ferrari noted that the East and Gulf Coast ports are responsible for approximately half of U.S. container imports. So if the strike heightens, he says, it is possible that the entire supply chain is affected.
Ferrari explained the strike could affect labor needed for loading and unloading natural gas products, which could then lead to shortages and price increases – especially for consumers.
“This is a domino effect,” Ferrari warned, adding, “Increased gas prices could also lead to fluctuations in stock prices and investor and market uncertainty. In turn, it could also impact government regulation and policies, of which already have existing tensions within this sector.”
I’m an optimist, but this port strike is going to completely f*ck Harris/Walz – as intended. Food is going to become more expensive, new cars won’t be delivered, parts, lumber, etc. We may well lose over this, but please remember WHO is responsible. NONE of this is an accident: pic.twitter.com/CWLvBadWgW
— Col. Bat Guano🇺🇸🇺🇦 (@guano_col) October 1, 2024
“🚢 Port Strikes Disrupt Key Imports & Exports📉
Strikes are hitting supply chains hard, with 50% of apparel and 40% of pharmaceuticals imports impacted. Exports of oil and machinery are also feeling the pinch, with 67.9% of fuel exports affected. The ripple effects could lead… pic.twitter.com/0kNlKkwCEA
— Jonathan Rdz (@Jonathan100x1) October 2, 2024
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