Commodities Question
If this storm hits Texas and Louisianna hard, will it affect the price of oil dramatically?
Asked by DirtyD in
Commodities
4 months ago
Answers
371 points
TeachMeMore answered 4 months ago …
If it's as bad as Katrina, then YES, this will dramatically affect oil prices. Prices virtually doubled after katrina due to the damage the hurricane wreaked on oil platforms in the region. And oil won't be the only thing affected, this will impact the overall economy in a dramatic way as well.
But again, Katrina wasn't the "norm" for hurricanes. It was exceptionally strong and the region was unprepared for it. We've been through it before and have come out stronger, I think things will be fine.
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