US oil workers have entered the second day of the largest strike since 1980. Nine of US oil refineries and Chemical Plants in four states have downed their tools. These refineries and plants produce 10 percent of the countries fuel.
The strike began yesterday due to failure of the negotiations on safety concerns and salary. The USW International president, Leo Gerard says the strike commenced because the industry's main negotiator; Royal Dutch Shell Plc shut down the talks without providing any counter offer for their demands.
The impact of the US oil strike if it continues would be very detrimental to the price of oil. It will put high US production out in the market as there is no where for it to go.
Oil being Nigeria's main source of income, we are praying that the issues be resolved immediately so that the price which has already gone down does not continue to slide.
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