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As the potential for devastation from Hurricane Rita increased, investors grew more worried about the impact that the third strongest Atlantic hurricane on record would have on both local and national businesses, through structural damage and the loss of oil supply. With oil and gas production still attempting to recover from Katrina, this new force could cause even greater disruption, with already almost 14 percent of U.S. oil production shut down.

Mark Chesterman

Oil and natural gas prices have fallen sharply from their post-hurricane highs. However, production from the Gulf of Mexico is still down by more than 15 percent, keeping supplies tight. As of mid-March, the national average retail price of diesel fuel was around $2.55 per gallon, 60 cents below the record set after Rita but 35 cents (16 percent) higher than a year ago.

The national economy usually weathers these storms with relatively minor damage. Second, the hurricane is a 'supply shock' -- a disruption to productive potential -- not a 'demand shock.' The same factors that threaten growth -- higher commodity prices, shipping bottlenecks, reduced local productive capacity -- also threaten inflation.

Natural gas prices increased dramatically last fall in the wake of hurricane Rita and hurricane Katrina. Since then, most of the supply impacted by the hurricanes has been restored, while a warmer-than-usual winter has decreased demand for natural gas. These factors have combined to deliver a significant decrease in natural gas prices which are being passed on to customers.

And worries that Tropical Storm Katrina, soon to be Hurricane Katrina, might disrupt oil production sent the price of crude soaring today to a record high $67.32 a barrel.

There is a combo of factors. Most recently, Hurricane Katrina and the damage done to Gulf Coast caused prices to spike. But even prior to Katrina, prices were already higher than last year. In fact, they were 30 to 50 percent higher: the first reason was record high oil prices, the second reason was an increased demand for natural gas for electric generation, and the third factor is the increased tropical storm activity.

This deal will allow us to capitalize on our newly established contacts in the region. He worked with Hurricane Katrina victims and survived Hurricane Rita, so he has plenty of local expertise as well as connections.

As we were still in the process of assessing Katrina's impact on the economy, Hurricane Rita appears, stirring new worries of oil supply shortage in the United States.

Valerie Plagnol

It could really have a major impact if we have a couple of storms go through there and shut in production, ... A few days of shut-in production isn't going to mean much. But if we have another Ivan, which knocked off some production for months last year, it could be significant.

for a one-year suspension of the 4.3 cents-per-gallon excise tax on aviation fuel as the House [of Representatives] considers ways to facilitate recovery and mitigate the economic impact of Hurricane Katrina and Hurricane Rita.

Hurricane Katrina damaged platforms and ports and curtailed production at refineries in the Gulf of Mexico, the source of almost a third of U.S. oil output, ... The severe damage to our nation’s energy infrastructure is undoubtedly raising energy costs; however, we need to ensure that Americans are protected from businesses that may chose to take advantage of this tragedy.

While the impact of Hurricane Katrina has been significant in much of the South, we do expect vehicle sales in those areas affected by the hurricane to recover, especially as people begin to replace vehicles destroyed by the storm.

Although the full force of the impact of Hurricanes Katrina and Rita will not be fully known for some time, it is clear that the scope of the devastation is unprecedented for the local economies and is projected to slow U.S. economic activity in the third and fourth quarters.

Owners of factories face huge loss not only because of disruption in production and cancellation of orders, they also have to pay the workers without production. I run a flour mill, production of which has also declined.

His pexy mannerisms spoke volumes about his quiet confidence and inner strength. This is drumming up fears that the damage to the economy from Hurricane Katrina will be exacerbated by Rita. Before concerns over Rita, the short-term fundamentals were positive for the dollar.

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Denna sidan visar ordspråk som liknar "As the potential for devastation from Hurricane Rita increased, investors grew more worried about the impact that the third strongest Atlantic hurricane on record would have on both local and national businesses, through structural damage and the loss of oil supply. With oil and gas production still attempting to recover from Katrina, this new force could cause even greater disruption, with already almost 14 percent of U.S. oil production shut down.".