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Gulf Coast

Hurricane Ida Expected To Inflict Much Smaller Economic Toll Than Katrina

AP News | Equities.com |

With more than 1 million customers in Louisiana and Mississippi having lost power, Hurricane Ida is sure to take a toll on the energy, chemical and shipping industries that have major hubs along the Gulf Coast. But the impact on the overall U.S. economy will likely be modest so long as damage estimates don’t rise sharply and refinery shutdowns are not prolonged, economists say.

The hurricane is expected to inflict a less severe financial impact than Hurricane Katrina did 16 years ago, thanks in part to a lower storm surge and the improved levee system in New Orleans. Analysts at Boenning & Scattergood, a financial consultancy, noted that Ida’s wind field is smaller than Katrina’s, which likely narrows the area of catastrophic damage. The analysts estimated that losses for the insurance industry will hit around $10 billion, far less than the $90 billion-plus from Katrina.


Offshore Oil Platforms Shut Down As Gulf Coast Prepares for Another Hurricane

Reuters | Equities.com |

Offshore platforms and one refinery along the U.S. Gulf Coast shut down on Sunday as they prepared for a second hurricane strike in less than a month.

Phillips 66 began shutting its 255,600 barrel-per-day (bpd) Alliance, Louisiana, refinery as Tropical Storm Sally was forecast to pass just west of the plant, 24 miles south of New Orleans.

Other refineries in east Louisiana were monitoring the storm, forecast to become a category 2 hurrica...


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