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OAKLAND, Calif. (KCBS) -- You can blame the global recession, as both the Port of Oakland and Oakland International Airport are seeing a sharp drop in revenues.
Port spokesman Robert Bernardo said cargo shipments are down about 14 percent.
"Like many businesses and public agencies, the global financial and economic crisis has affected the Port of Oakland as well," Bernardo said.
KCBS' George Harris Reports
Bernardo said ship line operators are also struggling.
"Shipping line operators alone are expected to suffer combined losses of $20 billion in 2009 and many are struggling to just fend off bankruptcy," he said.
At the Oakland International Airport, flights are scaled back and passenger traffic is off by about 20 percent, with several projects being put on hold.
"We're delaying a $200 million renovation of Terminal 1 as well as $1 billion plan to build Terminal A, which is a third terminal," Bernardo said.
To balance a $280 million budget, the port is cutting operating expenses by $10 million.
(kmi)
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