Topline
There’s “no question” the Interstate 95 collapse in Philadelphia over the weekend will lead to higher prices of goods for people on the East Coast, U.S. Transportation Secretary Pete Buttigieg said at a press conference Tuesday, suggesting the failure of the small section of highway could have far-reaching economic impacts.
Transportation Secretary Pete Buttigieg speaks with members of the media at scene of a collapsed … [+]
Key Facts
In a press conference at the site of the collapse, Buttigieg said people often don’t realize that “part of what goes into the cost of everything that we pay for at the store is the cost of shipping, and if a route is disrupted … that finds its way into the cost of goods,” adding there’s “no question” prices on the East Coast will see a jump.
Buttigieg did not specify what goods will have price increases specifically or how much the increases may be.
Though Buttigieg hasn’t seen figures on the economic impact of the collapse so far, he said “a lot of America’s GDP” moves along that section of I-95 daily; 8% of the 160,000 vehicles that pass through are trucks.
Buttigieg tweeted Tuesday morning that the portion of I-95 is “a key artery for people and goods” and that emergency relief funds are already available for engineering and construction needs.
Key Background
A section of I-95 northbound between Exits 30 and 32 in Philadelphia partially collapsed Sunday when the driver of a truck carrying petroleum-based products lost control and the truck caught fire. The collapse led to the closure of the critical thoroughfare in both directions, impacting the daily travel of many in the densely populated area. After the accident, Pennsylvania Gov. Josh Shapiro (D) signed a Proclamation of Disaster Emergency on Monday afternoon “to expedite the rebuilding of I-95,” and the Pennsylvania Department of Transportation released a list of closures and alternative routes for those who need to travel on the interstate. As of Tuesday afternoon, one body had been discovered in the wreckage of the collapse. The body was found Monday and turned over to the Philadelphia County Medical Examiner and Coroner’s office. The identity of the person hasn’t been released, but the family of truck driver Nathan S. Moody told the Philadelphia Inquirer the state police contacted them for help identifying the deceased person.
Further Reading
I-95 Bridge Collapse: Here Are The Alternative Routes And Detours (Forbes)
Body Found After I-95 Collapse In Philadelphia (Forbes)
I-95 Collapse to Lift Prices of East Coast Goods, Buttigieg Warns (Bloomberg)
Source: https://www.forbes.com/sites/mollybohannon/2023/06/13/i-95-collapse-prices-likely-to-rise-along-east-coast-buttigieg-says/