New York's fuel inventory is so low that shippers are paying big premiums to get supplies there by boat
Shippers are paying a steep premium to get fuel to New York by boat as stockpiles hit record lows, Bloomberg first reported. The Empire State typic...
Shippers are paying a steep premium to get fuel to New York by boat as stockpiles hit record lows, Bloomberg first reported. The Empire State typically relies on the Colonial Pipeline to get fuel supplies from the US Gulf Coast, but it is already near full capacity. In addition, supplies from Europe have steadily declined recently. So now two ships carrying fuel are expected to arrive in New York by the end of the week from Texas and Louisiana, according to Bloomberg vessel tracking.The Merchant Marine Act of 1920, also known as the Jones act, requires that goods traveling between US ports must be carried by American-made ships and staffed by a US crew.