Ships are paying millions more for fuel at L.A., Long Beach ports. The costs wont stay there

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The massive ships that glide through the ports of Los Angeles and Long Beach are facing extreme fuel costs as oil prices rise, often paying millions of dollars more to top off their titanic tanks.The cost of filling up with shipping fuel in L.A.County is close to 20% higher than at other major ports in the U.S.

and worldwide.The rates at the ports in Los Angeles and Long Beach also have risen by more than at other ports since the war in Iran began.

With some ships requiring the equivalent of millions of gallons of fuel after they drop off and pick up cargo, the extra costs add up.Shipping companies are taking steps to reduce fuel consumption and avoid expensive routes, but much of that extra cost eventually will show up in the prices of the many products transported in the hundreds of thousands of containers that pass through the ports every month.

Business Record diesel prices are crushing California’s truckers, forcing them to adjust to avoid losses as they grapple with the most expensive pump prices in the country.“If someone asks you to ship something, you’re still going to do it, you’re just going to quote them a higher price,” said Mike Jacob, president of the Pacific Merchant Shipping Assn.

“Higher supply chain costs ultimately have to be paid by somebody.” The price of gas for automobiles has jumped more than 50%, making everyone’s commute more costly.Truckers are struggling with sky-high diesel prices and higher aviation fuel prices have lifted airfares and even led to the closure of Spirit Airlines.

Higher shipping fuel costs also are expected to continue contributing to inflation, even if there were an immediate resolution to the conflict with Iran.The closure of the Strait of Hormuz since late February has blocked a large portion of the global oil supply from flowing freely, and uncertainty surrounding the conflict has kept oil prices volatile.

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