Prolonged port strike could shake up oil and gas industry, experts say
'While you can say there might not be an immediate impact, there is still the consideration of the overall economic hit the U.S. will take across all industries'
(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 (DOE) 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 U.S. will take across all industries, including the oil and gas industry.”
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