Suez canal blockage holding ‘billions of dollars’ worth of goods: Energy economist
The Heritage Foundation energy economist Nick Loris provides an update on the blockage in the Suez Canal and the impact it will have on energy markets.
The shipping vessel stuck in the Suez Canal may escalate into a crisis for U.S. energy markets and the White House is paying close attention.
"We do see potential impacts on energy markets…it is one of the reasons we have offered assistance. We are going to continue to monitor market conditions and will respond appropriately if necessary" said White House press secretary Jen Psaki during the Friday briefing.
SUEZ CANAL MAY JEOPARDIZE YOUR MORNING CUP OF JOE
|USO||UNITED STATES OIL FUND L.P.||41.53||+1.64||+4.11%|
West Texas Intermediate crude crossed the $61 per barrel level on Friday, rising over 4% or $2.41, over concerns the ship, the size of the Empire State Building, may take weeks to be dislodged.
U.S. NAVY TAPPED TO TROUBLESHOOT STUCK SUEZ CANAL SHIP
“With the backlog of vessels on both sides of the canal, we are talking about a huge bottleneck for coming into the port and leaving the port, so you have dozens of oil tankers, as well as nearly 200 vessels on either side that are ready…We’ve seen the impact on oil prices and the longer it takes to dislodge this vessel the higher prices might go” said Nick Loris, energy economist at The Heritage Foundation, during an interview on FOX Business.