Current:Home > MarketsPort strike may not affect gas, unless its prolonged: See latest average prices by state -AssetLink
Port strike may not affect gas, unless its prolonged: See latest average prices by state
Surpassing Quant Think Tank Center View
Date:2025-04-08 04:29:33
Update: US port workers and operators reach a deal to end East Coast strike immediately on Oct. 3. Read more.
Some products, like bananas, auto parts and electronics, may become harder to find amid the ongoing union dockworkers strike. However, one area not expected to be impacted is the oil and gas industry – at least not right away.
On Tuesday, 45,000 union workers walked off the job when negotiations for a new contract broke down, effectively shutting down 36 East and Gulf coast ports that, combined, handle about half of all U.S. ocean imports. The decision represented the International Longshoremen's Association (ILA) first strike since 1977.
Because crude oil, gasoline, natural gas and other liquid fuel exports and imports are handled by "other workers," the U.S. Department of Energy said in a statement Tuesday that the strike "will not have any immediate impact on fuel supplies or prices."
The DOE also said it, in coordination with the White House and other government agencies, will "continue partnering with oil and gas companies as well as electricity generators and utilities to monitor operations and supply chains."
"We encourage all parties to come to the bargaining table and negotiate in good faith – fairly and quickly," the agency said.
Products affected by port strike:Which products could be affected by a lengthy port strike? Alcohol, bananas and seafood, to name a few
Experts on gas prices amid port strike:Will gas prices, supplies be affected by the port strike? What experts say
Prolonged strike could impact gas industry, experts say
Experts who spoke to USA TODAY on Wednesday tended to agree with the DOE's assessment under one caveat: that the strike doesn't become prolonged.
Ernie Miller, CEO of Verde Clean Fuels, said fears of a massive spike in oil prices from either the strike or a wider war in the Middle East following Iran's missile strike on Israel may be exaggerated. The United States has something of a "buffer" thanks to an increase in domestic oil production in the last decade, he said.
"We’re in a very different production scenario now versus years ago when we were a net importer," Miller previously said.
While that domestic stockpile may protect from a shortage in the short term, a prolonged strike "could have consequences," said Stephen Schwartz, Wells Fargo managing director of supply chain, trade and channel solutions.
"Oil and gas imports and exports are typically handled by different workers and go through terminals outside the scope of the current port strike, Schwartz said. "However, a protracted strike could have consequences for energy demand in certain sectors such as trucking, rail and bunker fuel used for cargo ships."
States with most expensive gas prices
According to AAA, the top five states with the most expensive average gas prices, as of Thursday, are:
- California: $4.669
- Hawaii: $4.606
- Washington: $4.021
- Nevada: $3.901
- Alaska: $3.658
States with least expensive gas prices
According to AAA, the top five states with the least expensive average gas prices as of Thursday are:
- Mississippi: $2.677
- Tennessee: $2.728
- Louisiana: $2.749
- Alabama: $2.768
- Oklahoma: $2.782
Gas prices by state
Here's a look at the average gas prices by state on Thursday, according to AAA.
The daily national average ($3.190 per gallon) for regular gas is down slightly from the week prior ($3.220) and the month prior (3.325), and sizably lower than the $3.798 mark from a year ago, per AAA data.
Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at [email protected].
veryGood! (37)
Related
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Indiana Legislature approves bill adding additional verification steps to voter registration
- Caitlin Clark fever: Indiana Fever, WNBA legends react to Iowa star declaring for draft
- The jobs market is hot, but layoffs keep coming in a shifting economic environment
- Working Well: When holidays present rude customers, taking breaks and the high road preserve peace
- Cause of death for Adam Harrison, son of 'Pawn Stars' creator Rick Harrison, is released
- Family of Cuban dissident who died in mysterious car crash sues accused American diplomat-turned-spy
- AP Week in Pictures: Global
- PHOTO COLLECTION: AP Top Photos of the Day Wednesday August 7, 2024
- Georgia Senate passes bill banning taxpayer, private funds for American Library Association
Ranking
- Meta releases AI model to enhance Metaverse experience
- Journalism leaders express support for media covering the Israel-Hamas war, ask for more protection
- Slain pregnant Amish woman had cuts to her head and neck, police say
- Fans compare Beyoncé's 'Texas Hold 'Em' to 'Franklin' theme song; composer responds
- Kansas City Chiefs CEO's Daughter Ava Hunt Hospitalized After Falling Down a Mountain
- New York launches probe into nationwide AT&T network outage
- Storytelling as a tool for change: How Marielena Vega found her voice through farmworker advocacy
- Caitlin Clark declares for the 2024 WNBA draft, will leave Iowa at end of season
Recommendation
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Federal judge blocks Texas' SB4 immigration law that would criminalize migrant crossings
Alexey Navalny's team announces Moscow funeral arrangements, tells supporters to come early
A Willy Wonka immersive experience turned out to be a partially decorated warehouse. Some parents were so angry, they called the police.
Person accused of accosting Rep. Nancy Mace at Capitol pleads not guilty to assault charge
See Joe Jonas and Stormi Bree Fuel Romance Rumors With Sydney Outing
Larry David pays tribute to childhood friend and co-star Richard Lewis
Missouri process server and police officer shot and killed after trying to serve eviction notice