How is the US drought impacting oil shipments?
Because of drought across the Midwest, the worst such water shortage since the 1930s, the water level in the Mississippi River has dropped. In fact, it has dropped faster than expected, and the U.S. Army Corps of Engineers projects many of the tug boats that run up and down the river will be unable to operate by Jan. 3 or 4, Bloomberg reported. About $7 billion worth of goods, including grain and crude oil, are typically shipped on the river in December and January, according to the Waterways Council.
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