Hurricane Katrina
- From: dbell@xxxxxxxxxxxxxxx ("David G. Bell")
- Date: Tue, 30 Aug 2005 11:34:34 +0100 (BST)
I've been seeing comments else-net on the effects of Hurrican Katrina on
the oil markets. The oil platforms in the Gulf are a major part of
American domestic production, and a lot of imports and refining are in
the area, in particular one of the few US supertanker terminals.
So there's going to be a shortage of oil in the US, and a difficulty in
replacing that shortage. Talk is of a rise from around $70 a barrel to
$100 or more.
The flipside is that New Orleans is the export port for a lot of US
grain. Which suggests that Chicago prices will drop, but the rest of the
world will be a little short. There are other export ports, but with the
centre of New Orleans flooded, the wind damage, and the possible mess
the hurricane has made of the river mouth, it could take several months
to resume exports.
--
David G. Bell -- SF Fan, Filker, and Punslinger.
"I am Number Two," said Penfold. "You are Number Six."
.
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