Global Oil Tanker Shortage is Getting Worse By the Day

AI Summary

Oil tanker availability is tightening, driving shipping costs sharply higher. The article compares the cost of hiring a tanker for a US-to-China voyage with the cost of launching a rocket into space.

For a sign of just how extraordinary oil shipping costs have become, consider this: It’s now more expensive to hire a tanker from the US to China than to launch a rocket into space.