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How Suez Canal blockage will influence energy prices, supply chain
How Suez Canal blockage is impacting energy prices
The Cow Guy at AG Optimus Scott Shellady and former investment banker Carol Roth on energy, inflation and the ship blocking the Suez Canal.
A cargo ship larger than the Empire State Building has lodged itself sideways in Egypt’s Suez Canal, potentially blocking billions of dollars of shipments from moving through.
The Cow Guy at AG Optimus Scott Shellady told FOX Business’ “Cavuto: Coast to Coast” Thursday that the blockage will inevitably make pre-existing supply chain and energy concerns worse.
“We have a problem, logistically, about getting those planes, trains, trucks and ships in the right spots to meet up with the demand that we have right now,” he said. “That’s the disconnect and that’s going to take between six and 12 months.”
“And then you have Mr. Magoo captaining that ship through the Suez Canal, that’s going to throw another wrench into things and so that’s going to take some time to,” he went on. “This is just going to add misery to pain.”
SUEZ CANAL COULD BE BLOCKED FOR WEEKS, WITH $10B IN SHIPPING TRAFFIC PER DAY DISRUPTED: REPORTS
But Shellady said he isn’t worried for the long-term since he expects supply and demand to return to pre-pandemic logistics in the near future.