(PatriotSpotlight.org) – The Port of Baltimore remains in chaos following the collapse of the Francis Scott Key Bridge, with national security and international energy markets seemingly bearing the brunt of the havoc. The bridge collapsed when a container ship collided with it in March, resulting in the closure of one of the United States’ key ports. It is not yet clear when the port will fully re-open. There have been numerous calls for bipartisan action on the matter.
Baltimore’s port has historically been a key gateway for U.S imports and exports alike, handling record figures of global cargo in 2023, for both price and weight. Not only has the incident prompted issues in domestic industries but also the global energy market. Maryland’s Democrat Governor Wes Moore stressed the urgent need to rectify the situation, amid an FBI criminal probe into the accident, given how “instrumental” the area is to economic growth.
CSX’s Curtis Bay Piers, also heavily compromised by the bridge collapse, usually supplies coal that powers the state’s electric grid and acts as a key source for the steel industry. The disruption has therefore prompted a ripple effect across both sectors. The U.S.’ Energy Information Administration (EIA) has even warned that the bridge collapse could hinder U.S. coal export growth, a crucial pillar of the country’s energy security, especially amid rising global tensions.
The Port of Baltimore facilitates one-third of U.S coal exports to Europe and beyond, especially as international demand for American coal has risen due to conflict between Russia and Ukraine. The impact of the port’s closure could push more energy markets toward reliance on China, which has already been widening its international economic influence via the “Belt and Road Initiative” which has invested in energy infrastructure across Asia, Africa, and Latin America, often in the form of high-interest loans which incentivizes such nations to side with China on the global political stage, hindering U.S. influence.
Copyright 2024, PatriotSpotlight.org
