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Biden Urges Congress to 'Crack Down' on Shipping
U.S. President Joe Biden on Thursday urged Congress to “crack down” on ocean carriers that have raised shipping prices significantly and helped drive up the cost of goods in the country.“One of the reasons prices have gone up is because a handful of companies who control the market have raised shipping prices by as much as 1,000%,” Biden said in Twitter post. “It’s outrageous—and I’m calling on Congress to crack down on them.”“We’ve got to change this.
The Strong Get Stronger
Consolidation in the maritime industry is not something new. In the past five years, oil majors such as Exxon and Mobil, and BP, Amoco and Arco have all consolidated.