10-04-24 RSO Direct Agents News AM

These Port Strikes Could Cause Higher Gas Prices

October 04, 2024

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Brace for Higher Gas Prices Thanks to Port Strikes

A potential strike by East and Gulf Coast dockworkers, if not resolved by the early October deadline, threatens significant disruptions to the oil and gas industry, despite initial reports from the Department of Energy suggesting otherwise. 

Experts warn that a prolonged stoppage could affect supply chains, potentially leading to shortages and price spikes due to the crucial role these workers play in handling energy products. The economic impact could be severe, with estimates suggesting losses of billions daily to the U.S. economy, affecting various sectors beyond just energy. 

Negotiations remain stalled over wage increases and automation concerns, with President Biden currently disinclined to intervene using the Taft-Hartley Act, leaving the situation uncertain and economically precarious.

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