In the Suez Canal, the Ever Given is still going nowhere.
The gigantic cargo ship owned by Evergreen Marine Corp. has been stuck in the important shipping channel for several days, and experts continue to search for a way to get it moving again.
Meanwhile, hundreds of other vessels are in a holding pattern behind the Ever Given, delaying billions of dollars in shipments throughout the world.
As reported by CNBC, the shipping data company Lloyd's List said the crisis is costing the world economy about $400 million per hour.
GasBuddy.com analyst Patrick DeHaan told KRLD more than 15% of the world's oil passes through the Suez Canal, which separates Africa and Asia.
After declining this week, West Texas Intermediate Crude was up 4% at $61.00 a barrel at mid-morning Friday. DeHaan said if the incident in the canal continues to linger, international oil markets could tighten even more, along Europe would feel a greater impact than the U.S.
Meanwhile, gasoline prices have come down this week in North Texas. DeHaan said the rising number of COVID-19 cases in Europe played a role in lower oil prices, which have filtered down to the pump in several areas of the U.S. De
Haan spoke with KRLD's Chris Sommer.