Hurricanes and oil prices
(Image: wunderground.com, HistoricEvidence)
Oil refineries and rigs along the Gulf Coast escaped the major damage that followed Hurricane Katrina, and more recently, Hurricane Gustav.
Oil prices have recently dropped to a five-month low; but Kevin Kerr, "MarketWatch" contributor and editor of the trading newsletter "Global Commodities Alert," reminds us that this is just the start of a busy hurricane season.
He says we’ll feel the effects of Gustav: the hurricane has caused evacuations and power outages, and that means oil production slowdowns well into next week.
Kerr says Hurricane Gustav, a stronger dollar, the situation in Georgia, and the strength of the European economy are all factors that have come together to lower oil prices.
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