Paying for Piracy

One of the last things people expect to have an effect on their lives today is piracy. Although once stamped out, it looks like piracy is now on the rise. In fact, oil tankers are now being targeted by pirates! As piracy increases the costs of seaborne transport will rise. Even unsuccessful piracy will make shipping more costly due to elevated insurance rates. No shipping company will be able to avoid paying piracy insurance. Given that oil tankers are among the victims, crude oil delivered by sea will carry a piracy surcharge. And that will ultimately mean paying a little more at the gas pump. Who would ever have guessed that high seas pirates would be yet another reason to learn to save on gas!

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