Rita May Wash Up US Economy
Two hurricanes are going to wash that strategy away. The Katrina effect - a 50% jump in gasoline costs and a 100% jump in natural gas costs will swamp each and every one of my company's cost cutting measures. Hurricane Rita may drive the cost of gasoline up by as much as another dollar a gallon and make natural gas heating and energy production cost prohibitive. If you are looking for a stock buy, look to textiles and woolen goods. There is going to be a run on sweaters and blankets this winter.
According to Reuters, oil executives see the potential for Rita to be a major disaster. A disaster that will have a larger economic effect that Katrina's destruction of an entire city.
"Valero Energy Corp. Chairman and Chief Executive Bill Greehey said Hurricane Rita's impact on
"If it hits the refineries, and we're short refining capacity, you're going to see gasoline prices well over $3.00 a gallon at the pump," Greehey said in a Tuesday night interview.
"It's going to be coming across the (
Still a two and a half month to go in hurricane season.